Transforming Profusion of Capable Human Capital in Knowledge Based Economy through Skill Development Initiatives in India

India is a country with high working age population. Unemployment is a severe problem faced in India. Skill India is an initiative to improve the physical and mental development of Indian youths so that the unemployment problem in the country can be reduced. The government has recognized the need for skill development firstly with the 11th five year Plan providing a framework to address the situation. The first National Skill Development policy was framed in 2009 and subsequently a National Skill Development Mission was launched in 2010. The 12th Five Year plan observes that Skill development programmes in the past have been run mainly by the government, with insufficient connection with the market demand. Hon’ble Prime Minister of India Shri Narendra Modi in March 2015 is to create sufficient opportunities, space and scope for self-development of talents of Indian youth. It has called for an enabling framework that would attract private investment in vocational training through Public-private partnership. India has gradually progressed as a knowledge based economy due to the profusion of capable, flexible and qualified human capital.