A study by Edtech and skill development company ImaginXP has found that 33% of educated youth in India are unemployed due to a lack of future skills – for most of them, despite getting a degree.
India’s skill development quotient needs a desperate upheaval and strategies, and it is also a focus area as per the new National Education Policy (NEP). India’s ed-tech and skill development company, ImaginXP, recently conducted a survey showing that 33% of educated youth in India are unemployed due to a lack of future-ready skills, despite getting a degree.
The Survey Report
The survey for the report got conducted through interactions with over 1100 respondents, including 141 corporates. The findings suggest that almost a third of the nation’s (33%) youth currently faces unemployment due to an absence of future-ready skills.
Today India has a GER of 26.6%, which means that 74% of the population within the age group of 18-23 (ideal age for higher education applicants) are currently not within the higher education system due to lack of accessibility or affordability. In addition, India will need 2.7Mn digitally skilled professionals by 2024.
With almost 31% of the survey’s respondents stating that their existent degree has failed in equipping them with future-ready skill sets, the need for an alternative skill-based educational model was imperative.
Furthermore, over 53% of the respondents also confessed that they could not find the job of their choice. In comparison, over 60% admitted they were not earning the ideal salary after duly completing their degree.
More importantly, almost 75% of the surveyed mass attested that training in futuristic skills could have assisted them in achieving tremendous success in their professional career.
ImaginXP: The Tech Firm’s Initiative
To resolve this state of affairs, ImaginXP, India’s leading, more prominent tech firm, has developed a superior College-embedded pedagogical framework that provides a slew of full-time diploma programmes and credit score programs specialising in Design, Enterprise, and Know-how.
The brand new-age industry-led programs embrace equivalent to RPA, UX design, robotics, cybersecurity, information science, IoT, Fintech, Healthtech, Digital Advertising, Product Administration, and so forth.
Training Of The Young Generation
One would imagine that the young population with ‘industry-relevant formal vocational training would have better job prospects. However, about 42% of the youth (15-29 years) who received formal technical training were not part of the labour force at all (i.e., they were not working or seeking employment opportunities, they reported).
Among youth who did not receive such training, 62.3% were out of the labour force. Across age groups, substantial shares of the women who received such training were out of the labour force.
One reason why such a large section of ‘skilled’ workers was out of the labour force could be difficult finding a job. Around 33% of the formally trained youth was unemployed in 2017-18. Nearly a third of trained young men and more than a third of trained young women were unemployed.
Unemployment Rate Of The Trained Youth
The unemployment rate among freshly trained youth, who completed training during the previous year, was even higher at 40%. With these high unemployment rates, many young men and women have likely moved out of the labour force altogether after a fruitless job search.
What kind of training is the young population receiving? The PLFS collected data on fields of activity, which get categorised under 22 heads. The bulk of the trainees were in the electronics, IT/ ITeS sector, apparel, and mechanical engineering.
Men and women received starkly different kinds of training, reinforcing the segregation of the labour market. More than 80% of the trainees in agriculture & food processing, telecom, media & mass communication were men. The fields of beauty & wellness, apparel, handicrafts, hospitality and healthcare have the majority women workforce.
Although the PMKVY aims to provide training free of cost, most of the youth who have received formal training have had to bear the cost of training, the PLFS data shows. The government funded only 16 per cent of the child who received proper training.
Around 73% of the trainees underwent full-time training. The training period for more than half of the youth exceeded a year, and about 30% underwent training for more than two years.
