Unemployable India’s graduates

Are a majority of India’s graduates unemployable? The shocking fact came to light in the Economy Survey 2023-24,while India is the world’s fastest growing economy in the world by the end of this decade. It will surpass Germany and Japan to become the third largest economy but despite its fast economic growth One Challenge continues that of educated unemployed. the economic survey of 2023 24 brought out the dark reality that about one in two graduates straight out of Indian colleges is not employable.

Is it a wakeup call for India?

According to the economic survey 2023-24 approximately 51% of Youth are considered employable this means that one in two graduates is not readily employable straight out of college. The survey also found that 65% of India’s rapidly growing population is under 35 and many of them lack the skills needed in today’s economy.

The economic survey says that apprenticeship programs in India face many problems and that the skill Gap is one of them. The facilities in the educational institutions are not adequate and more such snags.

The survey also said that many people think that vocational training is less valuable than academic education, so we have millions of graduates with University degrees which won’t get them jobs. And several training institutes where high school kids don’t want to go because they don’t want to be termed non-graduates.

Youth avoiding skill developmenttraining: Skill development ministry’s report for 2022 23 says that very few Indians between 15 to 59 are receiving formal training. Many Indians view skill development as a last result for those who haven’t succeeded in formal education or those who have dropped out.

This is the reason why the first budget of the Modi government 3.0 has allocated rupees 1.48 lakh crores for education employment and skill development. Key highlights include financial assistance for student loans up to rupees 10 lakh for higher education in Indian institutions and a new collaborative Skilling program with state governments and industries. This initiative aims to empower approximately 20 lakh young individuals with skills over the next 5 years enhancing their employability prospects.