How demonetisation and digital economy help educational sector and Skill India

By: Rachit Jain, Founder & CEO - Youth4work.com

In its efforts to create opportunities for skill development in the country, India’s government constantly studies to provide students with the technical knowledge of various vocations. The launch of Skill India Mission strives to create a skilled workforce nationwide. The skill development scenario is expected to increase through the improvement and development in scientific & industrial aspects, further resulting in human resource expansion. The acceleration of skilled workforce will further result in accumulation of skill capital. Properly planned training is a step ahead to meet the “target of skilling 500 million people by 2022.”  The scheme of Cashless Economy resulting in demonetisation hopes to upraise skill education through digital awareness.

With the aim of achieving skill development with technical know-how, India holds a pool of online portals for talent acquisition. There are many dedicated education players as well as marketplace models, who collaborate with technology to extract the best talented employees. Budget management in such a sector will boost growth of Indian educators and motivate them to use more digital mediums to educate people and aid them to enhance their skills. The digital-based platforms like Youth4work.com comprehends ways to direct the youth of today’s heavily competitive generation on the right path. The platform tends to encourage and guide the youth to help them extract and grow in their talent fields. Such platforms offer an online education criterion with short term certification courses and competitive exams. The skill development and education components would hence ensure penetrate the youth. This budget set would come up as a motivating force for the online educators, who are constantly striving hard to achieve their skill appraisal goals.

356 million youth looking for employment opportunities needs to be educated through scientific advancements, which could capitalise in the Skill India mission. Also, the less availability of employment opportunities in Tier 2 and Tier 3 cities would be attained through the flourishing technology based platform. People will thus have access to multiple options to get skill education on Youth4work. The growth remains stagnant in such cities as there exist a wide gap between demand and availability. Although, these cities possess skilled labour, they do not meet up the employment opportunities which ultimately sinks their talents. The growth in these cities need to be focused more and tapped with resources of space, infrastructure, education and technology. This offset of resources will also facilitate in improved distribution of wealth, in due course increasing the status of rural India.

In the past few years, there has been much focus on skills and training, hence expectation of some tax relief for the education and training sector in this budget is on its peak. We await for the government regulations that will introduce measures to ensure retention for online education and skill development companies.