Vocational education in India

rdf:langString Vocational education in India

rdf:langString Vocational education is that form of instruction designed to prepare people for industrial or commercial employment. It can be acquired either formally in trade schools, technical secondary schools, or in on-the-job training programs or, more informally, by picking up the necessary skills on the job. CEO World magazine ranked India's economic growth rate at the beginning of the 21st century as among the 10 highest in the developing world. Combined with the fact that India has been ranked the 5th largest economy in the world, the latest survey of unemployment in India 2021-2022 shows the unemployment rate as 6.40%. The economic times revealed that labour market shrunk by 2.1 million in 2022. Employers requiring skilled workers and the employment-seeking population face issues like lower wages, poor working condition which puts India in a unique position. A labour/skill shortage for industry survey by FICCI (Federation of Indian Chambers of Commerce) found that 90% of companies face a labour shortage. 89% of companies said that the demand for the product is not met due to labour shortages in the market. The research paper India’s dream run and its aftermath shows that India did see an economic boom from 2003-08 referred to as the dream run but not in the manufacturing sector, which made it difficult to provide jobs to unskilled and semi-skilled populations. This problem is aggravated due to a lack of skill development programs to bridge the labour demand and supply gap.