financetom
Economy
financetom
/
Economy
/
PARTNERED POST: Proficiently skilling India
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
PARTNERED POST: Proficiently skilling India
Aug 17, 2018 12:00 AM

Modern India is experiencing rapid economic momentum, with a flourishing consumer sector boosting economic growth. The government is focused on building out a robust manufacturing sector and overcoming employability issues with skills training and better educational execution. The government’s flagship program to boost employability - ‘Skill India’ - is designed to complement its push for “Make in India”.

A Road of Challenges

Economic forecasters confidently predict that, in the near future, India’s economy will be the world’s third largest after the United States and China. The Indian labour market estimates around 104.62 million fresh entrants by 2022, fuelling significant opportunity and simultaneous pressure to create 8.1 million jobs each year against the current rate of 5.5 million.

India’s education system has been slow to catch up with the rapid changes in workforce requirements, especially when it comes to preparing for the advanced technologies and soft skills required in the future. With the government’s gear-shift towards encouraging advanced manufacturing in India, factors like lack of in-depth sector knowledge, low familiarity with advanced technologies, and the low number of highly trained engineering professionals, teachers and materials all pose immediate challenges.

Embracing The Challenge

To overcome these challenges, India will need to build robust facilities, colleges, and promote unconventional industrial and engineering technology. The effort of skilling India is now taking small steps forward both at a root and vocational training level. Several companies, both Indian and international, are now aligning to the common goals of “Make in India” and “Skill India”.

In an advanced manufacturing sector like aerospace, the defence and civil aviation markets are expected to drive high growth in the country. According to a report by International Air Transport Association (IATA), the civil market in India is looking at growth of 17.5%, which is the fastest global for the third year running, followed by China at 13.3%. Economic expansion and lower fares have boosted passenger growth and Boeing is forecasting demand in India for 2,100 new airplanes over the next 20 years for the civil aviation sector alone.

Companies like Boeing are forging their way towards building a strong and indigenous ecosystem to skilling India by providing vocational training to students that enable them to take-up high skill jobs in in aerospace. Boeing is skilling frontline factory workers in Bangalore and Gujarat with industry partners like Jaivel, Tata Advanced Materials Ltd. and Rossell Techsys. Boeing has also started the first batch of the Accelerated Aircraft Maintenance Engineers (AME) training programme, in partnership with Air India Engineering Services Ltd. that is aimed at filling the employability need-gap in the civil aviation sector.

Boeing’s new engineering centre in Bangalore is hiring over 500 experienced employees in 2018 alone with plans to grow to more than 2,000 people. And plans are already under way for a new tech facility, cleared by the Karnakata government for crore. Boeing, along with Tata Advanced Systems Ltd (TASL) has formed a joint-venture in Hyderabad that is producing fuselages for the AH-64 Apache helicopter, known as the most advanced multi-role combat helicopter in the world. The facility has delivered its first fuselage well ahead of schedule. Both efforts are directed towards creating world-class manufacturing technology in India.

Partnered with Boeing India

First Published:Aug 17, 2018 9:00 AM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US weekly jobless claims fall more than expected; continuing claims rise
US weekly jobless claims fall more than expected; continuing claims rise
Apr 11, 2024
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting that the labor market remained fairly tight, though it could be taking longer for some laid off workers to land new jobs. Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 211,000 for the week ended April...
S&P, Nasdaq rise as fresh inflation data allays rate fears
S&P, Nasdaq rise as fresh inflation data allays rate fears
Apr 11, 2024
(Reuters) -The benchmark S&P 500 and the Nasdaq gained on Thursday after softer-than-anticipated producer prices data soothed investor jitters about sticky inflation, keeping hopes of rate cuts from the U.S. Federal Reserve this year alive. A Labor Department report showed the Producer Price Index(PPI) for final demand rose 0.2% in March, against forecasts of a 0.3% increase, according to economists...
Fed's Williams: Banks should be prepared to use discount window if needed
Fed's Williams: Banks should be prepared to use discount window if needed
Apr 11, 2024
NEW YORK (Reuters) - Federal Reserve Bank of New York President John Williams said Thursday that banks need to be prepared to use the Fed's discount window before trouble arrives. Williams, speaking in New York before a banking group, said bank stress from last year showed many banks were not ready to tap Fed liquidity, and the central bank is...
July start to Fed rate cuts back in view after data
July start to Fed rate cuts back in view after data
Apr 11, 2024
(Reuters) - The Federal Reserve could start interest-rate cuts as early as its late-July meeting, traders bet on Thursday, after a government report showed producer prices in March rose a bit less than expected.    On Wednesday a higher-than-expected reading on March consumer prices -- the third upside surprise in a row on the monthly inflation readings -- prompted traders...
Copyright 2023-2026 - www.financetom.com All Rights Reserved