Aug. 19: Indian School of Business (ISB) will help entrepreneurs to set up profitable skill development centres to bridge the huge employability gap. India would need around 500 million skilled workforce by 2020.
“If we want to reap the country’s demographic dividend and reduce income inequality, we would have to gainfully educate and employ 500 million youth in this decade,” said Mr Ajit Rangnekar, the dean of ISB, after signing an agreement with Dr Reddy’s Labs for funding its employability and skilling centre.
The centre called as Dr Reddy’s Cell for Employability and Skilling (DRCES) will develop market-based solutions, which create affordable, profitable, scalable, and replicable business models to address the skills shortage in the country.
“Despite high turnout of graduates, India faces the shortage of employable manpower. DRCES will help entrepreneurs to improve youth’s employability and make profit,” said DRL vice-chairman and CEO, Mr G.V. Prasad.
A World Economic Forum report claims that the current high unemployment rates mask talent shortages, which could impede the growth in the long-term.