Executive Summary: Skill Development And Entrepreneurship And Innovation

889 Words4 Pages
Skill Development, Entrepreneurship and Innovation – Sector Paper
Executive Summary
Skill development and entrepreneurship are the driving forces of economic growth and social development for any country or state. Countries with higher levels and better standards of skills adapt to the volatile changes in the domestic and international job market. Though need for framework of skills, entrepreneurship and innovation was realized late in India, the momentum of its spread is rapid.

Skill Development and Entrepreneurship is well supported by agencies like National Skill Development Corporation (NSDC), National Skill Development Agency (NSDA), Directorate General of Training(DGeT), National Skill Development Fund(NSDF), Indian Institute of Enterprise(IIE),
…show more content…
Prosperity of a nation is ultimately depends on strength of its human resources in terms of employment and their productivity at work. Investment in skills and education results in enhanced productivity leading to economic growth. An estimate for European countries shows that a 1 per cent increase in training days leads to a 3 per cent increase in productivity, and that the share of overall productivity growth attributable to training is around 16 per cent (CEDEFOP, 2007). This firmly establishes that a combination of good education with training that is of good quality and is relevant to the labour market (ILO,…show more content…
• Adapts work force to the shifts in the economy.

The formal education system offers a systemic orientation through school, technical, vocational and higher education and ensures quality of education and overall enrolment. On the other hand, skill development looks at upskilling existing workforce, unemployed (educated and dropouts) and some with in the fold of formal education. There are certain areas that demand innovation and entrepreneurship, skill development enhances capacities such that the demands are met. Skill development ensures enhancement in labour force participation, quality of labour and productivity of labour leading to overall growth of economy. Thus, it can be considered as a key growth engine that drives economy forward.
The growing demand for skills and entrepreneurship can be understood by various factors influencing employment of an economy and evaluate. Age structure of population, skill set of labour force and structure of economy constitute few of the many factors(Vision 2020, Gupta).
Age Structure of Population:
Andhra Pradesh has a

Skillset of Labour
Open Document