Update: March 30, 2022 11:18 am STI
New Delhi [India]March 30 (ANI/TPT): “54% of our literate population is unemployable. This is largely due to lack of skills and gaps in our training and development industry”, – says Snehal Malpani, Founder and CEO of Panacea Skills
Organization of training specialists, Skills Panacea has introduced modern and advanced courses which are proving to be of immense benefits for their existing and future workforces in all fields and industries. Skills Panacea has discovered that the biggest obstacle to employment and inclusive growth is the “non-availability of key skills”. Skills Panacea is gradually expanding into the learning and development industry to become the present and the future of skills building.
With a population of 1.38 billion, our training and development expenditures are less than $1 billion. Their market research reveals that over 90% of the jobs available in the Indian economy are purely skill-based. Of this, only 7% can work effectively. That’s where Skills Panacea comes in. It’s a training, coaching and consulting company that helps individuals and organizations perform to the best of their abilities. Moreover, they are dedicated to enhancing human capital resources, thus contributing to its growth. The bespoke training programs they offer are for educational institutions, IT, hospitality, healthcare, BFSI, automotive, and many other niches.
India’s healthcare industry has grown from $140 billion in 2016 to almost $350 billion in 2022. They have seen the entire industry rise to the top in less than 2 years. With the height already reached, patients have now set higher expectations of the industry. They must recognize the changing pattern. Previously, hospitals were places where lives were healed. Now they celebrate and cherish our lives there.
The Indian hospitality industry has been known for centuries with its roots spreading from the Rajwadas of Rajasthan to the holistic heritage of Kerala. This industry is growing at a rate of 4.8% year-on-year. The rise of Airbnb shows that Millennials have different tastes when it comes to travel, luxury, and lifestyle. They gradually evolve towards local hosts and the culture of authentic exploration of a place.
India’s industrial companies are also part of the race. It is obvious to think that India will soon have a 10 trillion dollar economy. The major contributors are our educational institutions, BFSI, retail and manufacturing industries. India’s wave of entrepreneurship is another crucial part of this holy grail, having added 44 unicorns to the tally in the first two months of 2022.
While these sectors are booming, it is clear that India has the largest and youngest labor force, with an average age of 29 years. Soon, these millennials will take over these booming industries. And indeed, this opening will continue to widen progressively. Even though they have some of the most prominent educational institutions in all fields, they must remember that the growth rate of an individual is not at the same level as the growth rate of the industry. Other severities include the low rate of R&D investment per capita compared to other countries and the low budget for human resources.
Even though they have one of the best infrastructures in the world, they still suffer from the shortage of quality and trained teachers. Only 55% of engineering students who die each year are employable, the highest percentage of employability among the various streams. It is mainly because our education leaders are not visionary enough. It takes us 4 years to integrate miniature skills development courses into our curriculum. People first establish institutions, then set a vision for themselves. Students are never led to see the big picture or even the reality of industries.
Their spokesperson, Tejas Kahandal, quotes: “The training infrastructure in India is not developed enough; we can only train one in four people. To keep pace with the country’s development, we need a skilled workforce. Skills Panacea is here to serve We sit down with stakeholders to discuss their aspirations and key challenges. Having done this, our team of experts designs a program that best suits the motive of the organization. Our approach is always human-centric and inclusive of growth. We do not just consider the development of skills/competences as a criterion of professional well-being but also as part of our daily way of life. Thus, our goal is to convert abilities into skills.
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