Strike While The Iron Is Hot
Human Capital|November 2017

As India joins the league of fastest developing nations in the world, skill development is one aspect that is highly overlooked in terms of our young population. The median age of the Indian population is 27.6 years, making it one of the youngest nations in the world, but, we are staying away from taking advantage from such a key element.

Dr. Poornima Gupta
Strike While The Iron Is Hot
 During his keynote address at a Management conclave, C Rangarajan, former Chairman of the Prime Minister's Economic Advisory Committee said, "Employability of the growing young demography is an important factor in the economic development of the country and the crisis of skill development has to be turned into an opportunity for growth." As India joins the league of fastest developing nations in the world, skill development is one aspect that is highly overlooked bearing in mind our young population. The median age of the Indian population is 27.6 years, making it one of the youngest nations in the world, but, we are staying away from taking advantage from such a key element. In order to make the young population of India employable, competencies relevant to the new technologies need to be developed responsibly.

The Failure of the new IIMs

A case in point is the newly developed Indian Institutes for Management in Tier 2 cities. Efforts were made by the Government to cash in on the brand value of the existing IIMs, but they failed to do so miserably. The new IIMs are no match to the existing IIMs in terms of education, skill development and placements. And, the management in these institutes is having a tough time in getting students to join them in the wake of multiple and better opportunities in the management education space.

Such a move to dilute the brand of institutions like IIMs, IITs, AIIMs, and several other leading icons of education may tarnish the reputation and brand, instead of promoting it. Some alarming facts pointing to the dire situation according to India Skills Report 2017 are:

Only 2 in 5 candidates joining the workforce this year are employable

Only 7 per cent among the engineering graduates are employable

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