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Skill Education- A Tool for Human Capital Formation

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Introduction:

Today, India is one of the youngest nations in the world with more than 62% of its population in the working age group (15-59 years), and more than 54% of its total population below 25 years of age. Its population pyramid is expected to “bulge” across the 15–59 age group over the next decade. It is further estimated that the average age of the population in

India by 2020 will be 29 years as against 40 years in USA, 46 years in Europe and 47 years in

Japan. In fact, during the next 20 years the labour force in the industrialized world is expected to decline by 4%, while in India it will increase by 32%. This poses a formidable challenge and a huge opportunity. To reap this demographic dividend which is expected to last for next 25 years, India needs to equip its workforce with employable skills and knowledge so that they can contribute substantively to the economic growth of the country. India also needs skilled human resources for the policy of “Make in India”.

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