MuthootBlog

THE NEED FOR SKILL DEVELOPMENT IN INDIA

  • August 30, 2017
  • rootroot

India is a country of over a billion people and all of these people together make India a country of a billion dreams! Each life in India is a unique story and each dream a distinct aspiration. While some dreams are ambitious and aspirational, there are many dreams as basic as being able to earn two meals a day! Lost in the labyrinth of lack of education & access, poverty, hunger, etc., a large part of our population languishes in unemployment leading to a restricted economic development in the country.

Of our total population of 1.3 billion, about 0.8 billion (about 61%) people fall in the in the working age, according to India Skills Report 2016 launched by the CII. However, a large part of the population falling in this category remains unemployed owing to multiple reasons, lack of skill training being a major cause.

The report also states that between now and 2025 over 250 million young people are estimated to enter the Indian workforce, while only 5% of youth aged 20-24 have obtained vocational skills through a formal training system.

Currently it is estimated that only 2.3% of the total workforce in India has undergone formal skill training as compared to 68% in the UK, 75% in Germany, 52% in USA, 80% in Japan and 96% in South Korea. Large sections of the educated workforce have little or no job skills, making them largely unemployable. All of this clearly underlines the need for increased emphasis on Skill Training in India for reducing unemployment and enhancing economic growth in the country.

With the belief that our population can be constructively transformed into the advantage of Human resource through facilitation of effective skill training and related education, Muthoot Finance has started its Muthoot Skill India Initiative.

For over 130 years, Muthoot Finance has been fueling ambitions of millions of underserved and economically challenged Indians and now through its Muthoot Skill India project, Muthoot Finance is also equipping ambitions with employable skills and know-how.

MUTHOOT SKILL INDIA PROGRAM

Joining hands with the Centum Foundation, the CSR arm of Centum Learning, a Bharti Group company, The Muthoot Group has launched Muthoot Skill India program as part of its various CSR initiatives. The Project aims at enhancing the employability of the population in the working age group in villages, rural and semi-rural areas of the country by providing them free of cost skill training in various fields.

The project was launched in July 2017 with the inauguration of its first Skilling Centre in Tigaon Village of Faridabad in Haryana.

MUTHOOT SKILL INDIA CENTRE, TIGAON- FARIDABAD

The Muthoot Skill India Centre in Tigaon currently provides free of cost skill training to about 500 youth and women in courses like BPO Executives, Beauty Therapists, Sewing Machine Operators, etc. The program aims to empower the potentially employable population of the country with the skill set and training required to obtain employment.

Since sustenance forms core of all CSR initiatives of The Muthoot Group,the program doesn’t end at the completion of skill training as it extends to facilitation of employment. After completion of training, the Muthoot Skill India Program will also offer employment opportunities to the beneficiaries in their fields of skilling. Those exhibiting inclination and acumen for business will also be supported in setting up their own businesses.

Muthoot Skill India Program is driven by the belief that India’s population is also its Human Resource that can be leveraged to create growth opportunities across the country. With increasing focus on the need for skill development across the country, there is hope that in the coming years, India will be able to effectively transform the problem of overpopulation into a sustainable model of demographic opportunity.

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We are India's No.1 - Most Trusted Financial Services Brand, according to the Brand Trusted Report, 2017 & 2016 consecutively. We are also the largest Gold Financing Company in India in terms of loan portfolio, according to the 2015 update to the IMaCS Research & Analytics Industry Reports, Gold Loans Market in India, 2015 ("IMaCS Industry Report, (2015 Update)"). We provide personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time-frame, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.

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