Spotlight On Jobs

The Budget puts the focus on job creation, but experts say schools and colleges need to integrate skill development in curricula first.

- AJITA SHASHIDHAR

INDIA HAS OVER 10,000 AICTE (All India Council for Technical Education) colleges but close to 9,000 of them don't have full-fledged placement cells. Over 15 lakh engineers pass out from colleges across the country every year, but their employability rate is in single digits. Even business schools and regular undergraduate colleges face a similar challenge - absence of required skill set to be hired by organisations. In fact, companies across sectors are facing a talent shortage, but don't have access to a quality talent base. The skilled talent gap in a country of 1.3 billion is rather appalling.

This explains why employment generation and creating opportunities, especially for the youth, have been a priority in Budget 2023. Finance minister Nirmala Sitharaman announced initiatives such as the Pradhan Mantri Kaushal Vikas Yojana 4.0 (PMKVY 4.0) which promises to skill lakhs of youth within the next three years. On-job training, industry partnership, and alignment of courses with needs of the industry will be emphasised. The scheme will also cover new-age courses, including coding, AI, robotics, mechatronics, IoT, 3D printing, drones, and soft skills. To skill youth for international opportunities, the Budget has announced setting up 30 Skill India International Centres across states.

The government will also provide stipend to 47 lakh youth in three years. A direct benefit transfer (DBT) under a pan-India National Apprenticeship Promotion Scheme will be rolled out. On paper, these initiatives are forward-looking and tick the right boxes. But while the industry is optimistic, experts feel India needs to do more to ensure employment and prevent talent drain.