Over the past decade, the employability of final-year and pre-final-year students has increased by 47%, reflecting advancements in skilling initiatives.
13 Aug 2024 | 11383 Views | By Autocar Pro News Desk
TeamLease Degree Apprenticeship aims to advance skill development for its youth, having trained more than 1 million apprentices nationwide.
At TeamLease Degree Apprenticeship, the company has set an ambitious target to skill 2 million apprentices by 2028. Its programs—including white-collar apprenticeships, Hire-Train-Deploy (HTD) models, and degree apprenticeships—are designed ...
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TeamLease Degree Apprenticeship aims to advance skill development for its youth, having trained more than 1 million apprentices nationwide.
At TeamLease Degree Apprenticeship, the company has set an ambitious target to skill 2 million apprentices by 2028. Its programs—including white-collar apprenticeships, Hire-Train-Deploy (HTD) models, and degree apprenticeships—are designed to democratize education and skill development, ensuring that every young Indian can leapfrog into a successful career. Integrating apprenticeships with higher education, particularly through degree apprenticeships under the New Education Policy, is crucial for bridging the gap between academic learning and practical skills.
Furthermore, creating schemes tailored for MSMEs and promoting adult apprenticeships for lifelong learning are essential to expanding the apprenticeship ecosystem. The impact extends beyond individual careers; businesses benefit from a 50% reduction in talent acquisition costs, a 20-25% increase in productivity, and a 25% decrease in attrition rates, resulting in a robust 3X return on investment. Our vision is aligned with the broader goal of building a skilled India where the immense potential of our youth drives sustainable economic growth. By investing in skill development, we are preparing our workforce for the future and ensuring that India leads in the global economy.
The need for a robust platform for collaboration among young people, technical and vocational education and training (TVET) institutions, firms, employers' and workers' organisations, policymakers, and development partners, will play a crucial role, given the importance of skill development as India, home to the world’s largest youth population with over 808 million individuals under the age of 35.
Despite challenges highlighted by the National Economic Survey and the Periodic Labour Force Survey 2022-23—where only 51.25% of youth are deemed employable and 72.6% of individuals aged 15-59 lack vocational or technical training—India has made notable progress. Over the past decade, the employability of final-year and pre-final-year students has increased by 47%, reflecting advancements in skilling initiatives.
However, India still faces a significant gap in apprenticeship utilisation compared to developed countries like the UK, where apprenticeships constitute over 2% of the labour force, while in India, this figure stands at just 0.14%.
Over the past six years, more than 30 lakh apprentices have graduated from the National Apprenticeship Promotion Scheme (NAPS), with over 1 million apprentices trained under both NAPS and the National Apprenticeship Training Scheme (NATS) in the last year alone.
Despite these efforts, apprenticeships currently represent only 0.14% of India's workforce, significantly below the 3-4% seen in developed economies. Bridging this gap requires a comprehensive approach that integrates skill-building, practical experience, industry collaboration, and degree-based apprenticeships. Scaling up apprenticeship programs to approximately 20 million participants, in line with international benchmarks, is imperative. These apprenticeships have the potential to be a driving force in India’s workforce development, contributing significantly to economic growth.
In response to this pressing need, TeamLease Degree Apprenticeship is committed to equipping and skilling 2 million apprentices by 2028. By integrating academic learning with hands-on industry experience, we ensure that apprentices gain the knowledge and practical skills required to excel in today’s competitive job market. We aim to create a seamless connection between education and employment, preparing a more capable and job-ready workforce while driving substantial contributions to India’s economic growth.
Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, said, "With India poised to contribute 25% of the world’s incremental workforce by 2030 and with 60 to 80 million jobs at risk of disruption due to AI and automation, equipping our youth with the necessary skills is not just an opportunity but a national imperative."