VEDANTA RESOURCES The Honourable Prime Minister of India, Mr. Narendra Modi's visit to Britain this Diwali is both historic and symbolic. It will be the first such visit by an Indian Prime Minister in over a decade. That Mr. Modi's development agenda has resonated so widely across the globe makes this visit all the more special.
With its huge population of 1.2 billion, India can easily become the global hub for human capital. At a time when foreign investors are investingand establishing businesses in the country, more and more Indians are playing pivotal roles in driving multinational corporations.
While trade, investments policy and taxation will dominate much of the discourse between Mr. Modi and the Honourable Prime Minister of the UK, Mr. David Cameron, the area of skills development is bound to gain traction at a broader level in the days to come.
Mr. Modi's Skill India campaign is designed to do just this; make the millions of Indians eligible for skilled and semi-skilled jobs. The initiative will directly connect India's 600 million youth to 'Make in India'. How can UK-India relations boost this massive workforce and gain further momentum?
The Indian Council for Research on International Economic Relations (ICRIER), a think- tank, has observed that by 2025 India will have 25 per cent of the world's total workforce while the UK is struggling with an ageing population. As a result, a qualified and trained workforce from India can help UK meet its labour demands. It adds that, in terms of training and skill development, only around 5 per cent of the total workforce in India has formal skill training while in the UK, 68 per cent of the population has formal training.
Especially in the logistics and supply chain management sectors, India can benefit a lot from UK's expertise. However, Mr. Anil Agarwal, Chairman, Vedanta, believes that the area of skill development is neither the exclusive forte of the Government nor that of the private sector enterprises. A truly skilled workforce is a collaborative effort of both.
While the Central Government has launched the National Skill Development Mission, National Policy for Skill Development and Entrepreneurship, the National Skill Development Fund (NSDF), Pradhan Mantri Kaushal Vikas Yojana (PMKVY) and the Skill Loan scheme to boost skilling initiatives, corporations must find out ways to go beyond stipulated requirements to kickstart a revolution.
Britain is a global leader in the fields of education and certain vocational skills (mostly in advanced manufacturing). Through private participation or public-private partnerships, incubation centres and training facilities across the country will provide impetus to Mr. Modi's Skill India. The Indian Prime Minister has projected a target of training 40 crore youths by 2022. Through strategic partnership Britain can make a critical contribution,thus deepening ties between the two countries.
About Vedanta Limited (Formerly Sesa Sterlite Ltd.)Vedanta Limited (Vedanta Ltd) is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil & gas. The Company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.
Vedanta Ltd, formerly Sesa Sterlite Ltd. is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. Vedanta Ltd is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
President - Group Sustainability, CSR and Communications
Tel: +91 22 6646 1000
gc@vedanta.co.in
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