Due to the COVID-19 pandemic and slowdown of the economy, the prospects for millions of graduating youth, labourers and migrant workers who returned to their home states seem to be gloom for the near future, although any economy is cyclical. The increased demand, efficiency and productivity of factor markets are considered a boon for the recovery of an economy.
According to the India Skills Report 2019–20, millennials contribute nearly half (47 per cent) of the country’s working population and are expected to continue to remain the largest chunk of the Indian workforce till 2030. However, as per NSSO 2011–12 report, only 2.2 per cent aged between 15–59 years have received formal vocational training and 8.6 per cent have received non-formal vocational training. Thus, only 10.8 per cent of the labour force was trained in some or other forms of vocational training in India.
Views expressed are personal and need not reflect or represent the views of Centre for Public Policy Research.