India's transition to one of the largest and fastest growing global economies during the last decade has been a remarkable phenomenon. In order for India to sustain and accelerate its growth trajectory, an environment for sustained and continuous skill development of its workforce to address the employability gap has become a critical imperative.
India has 1.2 billion population that's expected to reach 1.48 billion by 2030. India will be the largest contributor to the global workforce, with working-age population (15-59) likely to swell from 749 million to 962 million over 2010 to 2030. By 2020, the average age in India will be only 29 years, compared with 37 in China and the United States, 45 in Western Europe, and 48 in Japan.
A young &dynamic workforce will steer India's economic growth in the next decade.While the young workforce is an indicator of our country's demographic advantage; corporate world continues to struggle to find skilled talent. According to different industry reports, as much as 40% of vacancies at the entry level don't get filled due to paucity of skilled manpower. Industry sectors across the board are facing shortage of skilled talent.
In order to bridge this demand supply gap NIFA has joined hands with various State and Central Government departments to impart Skills Development to beneficiaries. Some of the ongoing projects in partnership with the Government Departments are as under.
NIFA implements an end- to- end employability solution that includes: