Infosys Ltd co-founder N.R. Narayana Murthy stated yesterday that India is facing a huge talent crunch, which, in turn, is affecting the entrepreneurial atmosphere in the country.
Speaking at an interactive session at the Asian College of Journalism, he criticized the Indian education system for its focus on rote learning rather than problem solving. He added that about 80-85% of youngsters are not trained for any job.
He also added that the governments play a huge role in providing a better entrepreneurial atmosphere.
“The corporate governance in India is far behind the global standards. The tyranny of various approvals, tax structure, etc., makes it difficult for startups,” he said.
Murthy’s remarks closely follow the recent report by World Bank which stated that to maintain its employment rate, India has to create 8.1 million jobs a year said a World Bank report.
According to the report, India’s growth is expected to accelerate from 6.7 in 2017 to 7.3 percent in 2018 and to subsequently stabilize supported by a sustained recovery in private investment and private consumption.
It points out that India should strive to accelerate investments and exports to take advantage of the recovery in global growth. “The working age of the country is increased by 1.3 million people and for that, it should create 8.1 million jobs to maintain the employment rate, which has been declining based on employment data analyzed from 2005 to 2015, largely due to women leaving the job market,” said the report.
Image source: Business-Standard