India's Demographic Dividend Fuels Need for Skilling and MSME Competitiveness
India's demographic dividend, lasting for the next three decades, underscores the urgent need for skilling and training to fuel economic growth. Meanwhile, the MSME sector, employing over 110 million people and contributing 28% to GDP, must enhance its competitiveness for the nation's prosperity.
The Confederation of Indian Industry (CII) Business Summit 2022 aims to bolster security and resilience in the digital world through interdisciplinary research. Back home, the Indian industry is called upon to skill the youth, boosting worker productivity and global competitiveness.
Historically, the Indian manufacturing sector has grappled with regulatory complexities and high business costs. However, the government is now focusing on improving the ease of doing business and reducing costs. Enhancing the competitiveness of MSMEs, which account for 40% of exports, is crucial for post-pandemic economic recovery and growth. Adopting quality and excellence practices can help MSMEs build competitiveness, agility, and resilience.
With its vast demographic dividend and robust MSME sector, India's competitiveness is key to its productivity, prosperity, and economic growth. Skilling and training initiatives, along with government efforts to improve the business environment, will drive the nation's progress in the coming decades.
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