India’s Unemployment Rate Drops Amid Skill Development Efforts
The latest India Skill Report reveals significant progress in the country’s employment landscape. According to the National Sample Survey’s Periodic Labour Force Survey (PLFS), the unemployment rate for individuals aged 15 years and older has plummeted from 6.0 percent in 2017-18 to a remarkable 3.2 percent in 2023-24. Additionally, as of 2023-24, only 4.1 percent of those aged 15-59 have received formal vocational or technical training, while a substantial 30.6 percent have acquired skills through informal channels.
India: A Global Talent Hub
India is increasingly becoming the destination of choice for global capability centers, thanks to its rich pool of skilled young professionals. To further establish India as a worldwide source of skilled labor, the Government has implemented various institutional frameworks. This includes the signing of bilateral Memoranda of Understanding (MoUs) and Migration and Mobility Partnership Agreements with several countries to enhance labor mobility and foster cooperation in skill development and vocational education.
International Collaborations for Skill Development
Among the notable agreements are the Migration and Mobility Partnership Agreements with Italy and Germany, which specifically address the mutual recognition of qualifications and certifications. Furthermore, the Ministry of Skill Development and Entrepreneurship (MSDE) has forged bilateral agreements with eight countries, including Australia, Denmark, France, Germany, Japan, Qatar, Singapore, and the UAE. These agreements aim to facilitate technical exchanges, establish collaborative training programs, benchmark qualifications, and promote the sharing of best practices.
Official Statement
This information was shared by Shri Jayant Chaudhary, the Minister of State (Independent Charge) of the Ministry of Skill Development and Entrepreneurship, during a written reply in the Rajya Sabha today. The government’s focus on enhancing the skill set of the workforce is evident, as these initiatives are designed to address the growing demand for skilled labor in both domestic and international markets.
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