The study in which 1,605 students participated, reveals that 92 percent of Indian youth is unaware of online placement services. Further, 38 percent of young professionals want to pursue entrepreneurship, however, 88 percent of youth are without a technical diploma or certificate. Also, nearly 56 percent of the respondents asserted that their education and vocational training were inadequate to improve their prospects of landing a better, high-value job.
The findings of the study highlight the gap between the aspirations of the young workforce and their skills. It also emphasizes the lack of awareness among them.
"Through this report, our objective at MSDF is to bring some of the pressing challenges in the Indian education and employment ecosystem to the notice of policy-makers, market participants, and other key stakeholders," said Rahil Rangwala, Program Director, Michael & Susan Dell Foundation.
The findings from the survey were revealed at the 6th Annual edition of the India Education Entrepreneurship Day (IEED) by the non-profit organisation Michael & Susan Dell Foundation (MSDF).
The survey has only stressed on a reality the nation and the employers in India are already aware of. Skill gap is a reality and a challenge, organizations across sectors is grappling with. Currently, the skills gap India faces is majorly a consequence of rapid change – there is a huge disparity between the skill set required and the skill set the candidate actually possesses. Even if 38 percent young professionals wish to become entrepreneurs, lack of skill and knowledge hold them back from creating more opportunities for themselves.
The missing bridge between the skills demand and skills supply is skill development, which is also the key ingredient to robust economic growth. With India poised to become the youngest country in the world by 2020, with an average age of 29 years, it is absolutely imperative that all stakeholders including government, employers and institutes, get together and work towards strengthening the human capital. This means more investment in learning and development, identifying relevant skills, and creating and implementing policies and programs effectively.