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Indian Ministry focuses on empowering MSMEs through skill development
Industry News- Sep 20,23
This transformation involves incentivising skills training for micro, small, and medium enterprises and offering customized courses to meet the demand for skilled workers within small businesses.
The Ministry of Skill Development and Entrepreneurship has shifted its focus towards enhancing the employability and productivity of small, informal enterprises. This transformation involves incentivising skills training for micro, small, and medium enterprises (MSMEs) and offering customised courses to meet the demand for skilled workers within small businesses.
These initiatives represent a significant departure from the previous approach, which tailored skill development to the requirements of larger corporations. They are integral to the strategic priorities outlined by the ministry in its Vision 2025.
A senior official, speaking anonymously, emphasised the importance of MSMEs as the backbone of India's manufacturing sector and their substantial potential for job creation. The objective is to provide skills training that align with their specific needs, thereby simultaneously boosting MSME productivity and generating millions of job opportunities as manufacturing and exports expand.
The official also stated, "In the coming years, the ministry's foremost objective is to establish a comprehensive skilling ecosystem that will propel India towards high-skills equilibrium, delivering positive outcomes for individuals, businesses, and the overall economy."
The ministry has identified three primary priorities for the next three years:
1. Catalysing the demand for formal skills, particularly from small and informal enterprises and entrepreneurs.
2. Enhancing the connections between education and skill development.
3. Improving quality assurance and reducing information gaps while increasing employer engagement.
India's MSME sector comprises approximately 7.5 million businesses employing over 120 million individuals. It contributes about 33% to the country's gross domestic product and approximately 42% to its exports.
Source: Indiatimes
Ministry of Skill Development and Entrepreneurship
MSMEs
Vision 2025
Micro
Small
and Medium Enterprises
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