3 steps India is taking right now to up its economic strength

India has long come out of its cocoon. It is now on a growth trajectory. And countries worldwide are increasingly believing that India is the next big thing that can lead them to a safer and better future.

Here’s what India is strategically doing to up its status quo:

  • It is engaging with an increasing number of nations for bi-lateral, beneficial relationships

Since the new government has come into the power, the Prime Minister, cabinet ministers, and the bureaucrats are extensively traveling across the world, meeting Presidents, Prime Ministers, and business tycoons. In a little more than one year, the government has quite successfully painted a new picture of India for the world leaders.

  • It is persuading foreign businesses to come to India and invest

On his visits, the Prime Minster of India himself has been continuously urging the world business leaders to invest in India. The response has been excellent. Soon, we’ll be witnessing a big flow of foreign businesses and investors flocking to India to set up their operations here.

The huge investment and new business ventures is likely to add a lot of steam to our economic growth.

  • It is up skilling its youth

One very noticeable step that Indian government along with designated institutions is taking is that of shaping up a skill development management system to promote vocational education and training among the youth. Though, India always had its focus on vocational education, the past year has experienced a spur in the sector.

Government and institutions like NSDC are investing a great deal of their time and efforts in promoting vocational education amid the youth so that they take up vocational education willingly, and not when they do not fare well in formal education stream.

National Skills Qualifications Framework (NSQF)

The  National Skills Qualifications Framework is a competency-based framework that has been laid out quite intelligently and organizes all qualifications according to a series of levels of knowledge, skills and aptitude.

The levels are graded from one to ten, and are defined in terms of learning outcomes. NSQF in India was notified on 27th December 2013.

National Skills Development Corporation (NSDC)

The National Skills Development Corporation (NSDC) is a one of its kind, public private partnership that aims to build a skilled India. It primarily engages with top of the line skill development training companies and funds the skill development initiatives across the country. Through an integrated skill development management system, the government and institutions like NSDC are working day in and day out to skill the Indian youth and encourage them to contribute to the economic growth of the country.

The mission ‘Skilled India’ is a challenge for both the government and skill building institutions. However the way things are shaping up, we cannot help but stay optimistic about the future. To read more about India’s economic development, skill building programs, National Skills Development Corporation or Skill development funding, please refer our published articles.