India Set to Play Key Role in Global Economy

India is set to become the world’s youngest country with 64% of its population in the working age group by the end of 2020. With the population in the West, Japan and even China aging, demand for Indian workforce would pick up to its peak. This potential offers India and its growing economy an exceptional edge that global economists believe could add a significant 2% to the country’s GDP growth rate.

India’s Prime Minister Mr. Narendra Modi has called upon the country’s universities and educational institutions to produce more trained professionals to enable them avail the job opportunities that would be created globally as well as in domestic sectors. Accordingly, every industrial sector and educational institution has geared up to train huge workforce here to meet the global and domestic opportunities.

Gems & Jewellery Skill Council of India GJSCI) recently launched the Recognition of Prior Learning (RPL Program) as the first step to uplift the artisans in the country’s Gem & Jewellery Sector (G&J). GJSCI has been persistently contributing towards Mr. Modi’s ‘Skill India’ program and has been taking several measures and steps to cultivate the 3.5 million skilled yet uncertified labour-forces of the G&J industry.

Identified as one of the priority sectors by the Government, India’s G&J industry contributes 6% to 7% of the country’s GDP.  It is estimated to grow by 100% in terms of manpower requirements and will have job openings for another 3.5 million candidates by 2022. The RPL program will help candidates to identify their inherited skills and get certified for the same which will equip them to get better and more stable jobs and avail of entrepreneurship opportunities.

On the other hand, the Indian Institute of Gems & Jewellery (IIGJ)-Mumbai has recently tied up with Welingkar Institute of Management to offer three years’ Jewellery Design & Manufacturing Techniques programme. The course will begin from academic year 2016-17. IIGJ thus has become the first institute in the country to offer a complete graduate course on Gems and Jewellery including Operations Management for emerging jewellery professionals and entrepreneurs.

Mr. Vasant Mehta, Chairman of IIGJ says, “Training our students in professional management techniques is very important part of the process of making India the top jewellery manufacturer in the world. It will arm the industry with additional skills to take this leap. Our institute has trained 8,000 students during past 11 years and it has been following up with Mumbai University to grant jewellery degree course accreditation.”

IIGJ has been playing instrumental role in creating and nurturing the future of India’s G&J industry. The gems and jewellery industry has been growing rapidly over the years due to domestic and global demands and the sector is on the cusp of shortage of skilled staff. Most of the jewellers in the industry are of multiple generations. With such professional management courses the IIGJ Aims to bring new talent in the industry as well as to groom the existing talent.

Every third individual in an Indian city today is a youth. During next seven years, the median person in India will be 29 years of age. This would make India the youngest country in world. So India is all set to play a key role in development of the global economy and to experience a dynamic transformation because the population burden of the past would turn into a demographic bonus.

Posted by Suresh Chotai