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Hans India
4 days ago
- Business
- Hans India
Beyond the degree: How skills are becoming essential in today's job market
For many years, the conventional education model has put strong focus on degrees as the final score of a student's potential and employability. But the employment landscape is evolving—and at lightning speed. Employers today are less concerned with paper qualification and more with what someone can do. With a wave of automation, AI, and fluid job descriptions reshaping the working world, skills have become the real differentiator. While degrees remain a starting point, they're no longer a destination—they're merely the gateway. The world of work now requires flexibility, cross-functional proficiency, and moment-by-moment problem-solving. A programmer can be asked to know UI/UX, a mechanical engineer to collaborate with data analysts, and a marketing pro to operate AI software. Because boundaries are breaking down, students no longer only need knowledge but also agility—the kind that flows from experiential learning and ongoing upskilling. This change has also been highlighted by the World Economic Forum's Future of Jobs Report 2025. It estimates that by 2030, about 22% of existing jobs will be dramatically changed because of automation, AI, and other forces of transformation. Although 92 million jobs will be lost, about 170 million new jobs will be created, leading to a net increase of 78 million jobs. The report also points out that almost 40% of job competencies will be altered by the year 2030, with a focus on the increasing relevance of technological skills as well as human skills such as creative thinking and flexibility. It clearly indicates that critical thinking, problem-solving, and hands-on technical skills will be the most sought-after competencies. Likewise, as per the Economic Survey 2023-24, 65% of India's rapidly expanding population is below the age of 35 years, and most of them are not skilled enough to meet the demands of a contemporary economy. It also asserted that only 51.25% of the nation's youth are considered employable, as per estimates. These figures indicate the urgent necessity to synchronise learning with the requirements of the industry. This transformation is identified at the national policy level as well. India's National Education Policy (NEP) 2020 is a notable step in this direction. It places significant emphasis on experiential learning, practical orientation, and vocational training. Being based on flexibility, skill creation, and practice-oriented learning, the policy aims to make education industry-focused and solution-oriented towards real-world challenges. However, the implementation is most important. Whereas most educational institutions still depend very much on the traditional classroom lectures and theoretical examinations, an increasing number are adopting production-based and action learning frameworks. These extend beyond mock-up labs to cover functional manufacturing centres and live project centres where students are trained under real-time situations. From digital design and precision machining to renewable energy systems and food technology, such centres give students hands-on, immersive learning experiences that cannot be provided in any textbook. This method doesn't only develop technical competencies—it fosters problem-solving skills, critical thinking, and responsibility. Students work with actual materials, equipment, and deadlines, learning to achieve industry expectations and deadlines. The experience also familiarises them with cost effectiveness, quality assurance, and collaboration—key factors in any contemporary workplace. Consistent with the suggestions in NEP 2020, flexible academic paths such as lateral entry into degrees are picking up speed. With flexibility, holders of diplomas or working professionals can leverage learning done earlier and join higher programmes without duplication. It also echoes a larger transformation: appreciating what a student knows and is able to do, as opposed to how long they have stayed in formal studies. The result of such an ability-integrated model of education is obvious—graduates are industry-ready, assured, and better employable. They have the theoretical grounding and practical proficiency to be immediately effective. Such a two-fold ability is exactly what employers want more and more: individuals with the ability to adjust, to contribute, and to lead in fast-changing workplaces. As the distinction between workplace preparedness and academic education further blurs, it's increasingly apparent that the degree itself no longer assures success. Skills—demonstrable, usable, and relevant—are the actual game-changers in today's competitive landscape. (The author is Vice Chancellor, Centurion University, Odisha)
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First Post
15-05-2025
- Business
- First Post
Trump does not want Tim Cook to build in India. Can Apple afford to do so?
US President Donald Trump remarked on Thursday that he does not want Apple CEO Tim Cook to 'build' products in India, citing the country's 'high tariffs'. While the Republican leader wants the iPhone maker to make its products in America, analysts believe it is unlikely to happen. Here's why read more The price of iPhone could triple if it is made in the US. File Photo/Reuters United States President Donald Trump does not want Apple to build its products in India. The Republican leader expressed his opinion at a business event in Qatar's Doha on Thursday (May 15). Trump said that he had a 'little problem' with Apple CEO Tim Cook. 'I said to him, my friend, I am treating you very good. You are coming up with $500 billion, but now I hear you are building all over India. I don't want you building in India. You can build in India, if you want to take care of India because India is one of the highest tariff nations in the world, so it is very hard to sell in India,' the US President said. STORY CONTINUES BELOW THIS AD While claiming that New Delhi has offered a zero tariff rate on US imports, Trump said, 'They (India) offered us a deal where basically they have agreed to charge us literally no tariffs. I said Tim, we are treating you really good, we put up with all the plants you built in China for years. We are not interested in you building in India. India can take care of themselves.' New Delhi has not made any such remarks about dropping all tariffs on US goods. However, Trump's plan for Apple to make its products in the US is not feasible. In fact, it could triple the price of the iPhone. Let's take a closer look. iphones in India India currently makes up for about 14 per cent of global iPhone assembly, according to the Economic Survey 2023-24. The US tech giant is now hoping to make the most of its iPhones sold in the US in India by the end of 2026, a source told Reuters. Apple sells more than 60 million (six crore) iPhones in the US every year, of which roughly 80 per cent are presently made in China. China makes about 90 per cent of the about 200 million (20 crore) iPhones that Apple sells around the world annually, reported New York Times (NYT). According to estimates from Evercore ISI, China accounts for Apple's 80 per cent manufacturing capacity. In recent years, Apple has diversified its supply chain beyond China to countries like India and Vietnam. The Cupertino-based tech giant assembled iPhones worth a whopping $22 billion in India in the 12 months ending March 2025, a sharp 60 per cent hike from the previous fiscal year, according to a Bloomberg report. STORY CONTINUES BELOW THIS AD India now accounts for 20 per cent of Apple's total iPhone production, or one in every five units made globally. A woman lines up outside a store selling the Apple iPhone 16 in Jakarta on April 11, 2025. File Photo/AFP The iPhone maker has three plants in India – Foxconn's mega plant in Tamil Nadu and two more – another in Tamil Nadu and the third in Karnataka, which are run by the Tata Group. Two more Apple plants are in the pipeline. Apple projected last year that producing its high-end iPhone 16 Pro and Pro Max models in India would bring down costs by 10 per cent. However, due to taxes and component costs, the retail price of the devices would remain unchanged, according to a report by The Economic Times. Make-in-US is a bad idea for Apple Analysts have warned that manufacturing iPhones in the US would be very expensive. iPhones made in the US could cost more than three times their current price of around $1,000, Dan Ives, global head of technology research at financial services firm Wedbush Securities, told CNN. 'You build that (supply chain) in the US with a fab in West Virginia and New Jersey. They'll be $3,500 (Rs 2.99 lakh) iPhones,' he said, referring to fabrication plants, where computer chips powering electronic devices are usually manufactured. STORY CONTINUES BELOW THIS AD Apple would have to bear a cost of $30 billion over three years to shift just 10 per cent of its supply chain to the US, Ives added. The Bank of America (BofA) forecasts that moving iPhone production to the US would nearly double the cost of making the device, along with creating logistical headaches. 'iPhone cost can increase 25 per cent purely on higher labour cost in the US,' BofA analysts led by Wamsi Mohan wrote in a note to clients in April. Mohan said that the price of the iPhone 16 Pro, which costs $1,199 (Rs 1.03 lakh), could jump 25 per cent based on just labour costs. A made-in-the-US iPhone 16 Pro could be priced at $1,500 (Rs 1.29 lakh). As per the BofA analyst, the labour cost for assembling and testing an iPhone in America would be $200 (Rs 17,098) per iPhone, a rise from $40 (Rs 3,420) in China. Experts say that Trump's dream of making iPhones in the US would meet various challenges, including finding and employing a US workforce and tariff costs that Apple would have to bear for importing parts to America for final assembly. STORY CONTINUES BELOW THIS AD Analysts and industry watchers believe Apple is unlikely to shift production of its iPhones to the US. 'It's just not a reality that on the time frame of imposing tariffs that this is going to shift manufacturing here. It's pie in the sky,' Jeff Fieldhack, research director at Counterpoint Research, told CNBC. Apple's biggest challenge is that the US does not have the same workforce as China. 'The army of millions and millions of human beings screwing in little screws to make iPhones, that kind of thing is going to come to America,' Commerce Secretary Howard Lutnick said on CBS. As per JP Morgan, the price of iPhones would be only two per cent more if the final assembly were done in India instead from China, raising the devices' cost from $986 (Rs 84,293) to $1,008 (Rs 86,174). However, a US-made iPhone would see a 30 per cent surge to $1,285 (Rs 1.09 lakh). STORY CONTINUES BELOW THIS AD US tariffs on China stings Apple Apple has been scrambling to shift its production from China to India after Trump imposed 145 per cent tariffs on Chinese imports to the US last month. The iPhone maker has already ramped up manufacturing in India to avoid Trump's high tariffs. Apple shipped some 600 tonnes of iPhones worth $2 billion from India to the US in March, as per Reuters. This week, the US and China have agreed to lower tariffs on goods traded between the two nations. America's taxes on Chinese imports will plunge to 30 per cent from 145 per cent, while China's tariffs on some US imports will fall to 10 per cent from 125 per cent. The reduction in tariffs imposed by the US on Chinese goods will bring some relief to Apple. The US tariffs on India are far below China. In April, the Trump administration imposed 26 per cent taxes on Indian imports. America has since paused most duties for three months. Trump's inauguration in January has hit Apple with its shares losing around 25 per cent of their value due to concerns about the impact on its supply chain from the US tariffs. STORY CONTINUES BELOW THIS AD However, 'Made in the US' seems to be a pipe dream. In 2011, when the then US President Barack Obama asked the late Apple CEO Steve Jobs about making an iPhone in America, Jobs replied: 'Those jobs aren't coming back.' With inputs from agencies
Mint
15-05-2025
- Business
- Mint
Can Coal India reinvent itself fast enough to ride energy's imminent disruption?
Coal India Ltd's (CIL) recently audited financials for 2004-25 (FY25) showed revenue from operations at ₹1,43,369 crore and a net profit of ₹35,358 crore, enabling a final dividend of ₹5.15 per share following an interim payout of ₹15.75. These steady figures project an image of stability, but obscure significant challenges to CIL's long-term business model as India's energy sector undergoes a transformative shift. Beneath the surface, the rise of renewables, increasing competition from captive coal producers, and collapsing global coal prices threaten CIL's almost total decades-long dominance, while its diversification efforts remain sluggish. The prevailing narrative is that coal will remain the cornerstone of India's energy security needs for decades, with CIL as the dominant supplier. The International Energy Agency's Electricity 2024 report projects coal meeting 68% of India's electricity demand by 2026. In 2021, it had forecast that coal would retain at least a 40% share of India's electricity mix through 2040. India's Economic Survey 2023-24 reinforces IEA's latest projection, emphasising coal's role in ensuring affordability and baseload stability. The Central Electricity Authority (CEA) plans to add 80 GW of coal-fired electricity capacity by 2032, expanding India's total capacity to 283 GW at a cost of $80 billion. Independent industry forecasts, such as those from Mordor Intelligence, expect India's coal market to grow from 1.04 billion tonnes in 2025 to 1.50 billion by 2030. With India's per capita electricity consumption at just 1,200 kWh—well below the global average of 3,200 kWh—coal's role is seen as essential to meet rising demand that renewables alone cannot satisfy in the near term. Coal India's specific dominance is supported by structural advantages. It controls nearly 48% of India's proven coal reserves, accounts for 80% of the country's total coal production, and possesses an extensive logistics network—these would be prohibitively expensive for new entrants to replicate. Also read | Coal India needs a volume surge to fire up growth Key threats to Coal India's dominance Operational efficiency concerns Coal India has missed its 1-billion-tonne production target for a consecutive year, with the 781 million tonnes of coal produced in 2024-25 falling significantly short of the company's 838 mt target, a larger variance from FY24's 774 mt produced against the 780 mt targeted. In FY23, Coal India had exceeded its target by 3 mt, producing 703 mt. Coal India's subsidiary South Eastern Coalfields Ltd, too, has reported an 18.7% shortfall from its production target for FY25, which CIL attributed to heavy rainfall, delays in land acquisition, and pending regulatory clearances. Labour productivity remains below international benchmarks, with average output per man-shift for underground mines at less than 1.0 tonnes, compared with 30-40 tonnes in advanced mining regions. Coal India's diversification ambitions With a commanding market share and a consolidated cash reserve of ₹253,000 crore as of 31 March, Coal India possesses both the financial headroom and operational scale to pursue diversification. A series of announcements show strategic intent towards transitioning beyond its traditional coal-dominated portfolio. These include: Also read | Muted loan growth at SBI and Kotak Bank reflects caution. Will FY26 see a credit revival? Execution challenges and strategic gaps The scale of these announcements might be impressive, but CIL's diversification efforts remain largely pre-operational. The initiatives often lack clarity on timelines, execution roadmaps, and revenue potential, raising questions about their seriousness and eventual impact. For example, the Khattali Chotti graphite project is still in its nascent phase. A one-year wait for the composite licence (which combines prospecting and mining rights) will be followed by up to three additional years to secure the mining lease. In practical terms, production is unlikely to begin before 2029. Moreover, no plans have been announced on downstream processing or value addition, nor has there been any indication of integration with broader battery supply chains. Also missing is a cohesive critical minerals strategy involving other key inputs like lithium, cobalt, or rare earth elements. Execution has also been a chronic weakness for Coal India. Between 2015 and 2023, CIL announced nearly 3 GW of renewable energy projects, but as of now, its largest operational asset is the 50 MW solar plant at Nigahi, which was commissioned in November. The NLC India JV signed in 2018 for 3 GW of solar power and 2GW thermal power assets has progressed at a glacial pace, with limited or no tangible outcomes after several years. Also read | Info Edge: Can India's job giant stay on top in 2025? Hunkering deeper on coal Coal India's ₹24,750 crore investment in multi-phase first mile connectivity (FMC) projects continues to advance steadily, supporting the company's ambitious, albeit delayed, 1 billion mt production target. The FMC projects are meant to eliminate road transportation of coal from mining areas by utilizing conveyor systems to connect directly to railway sidings, which are expected to deliver a drastic reduction in dust pollution, diesel consumption, and loading errors, while improving throughput. However, this substantial investment in coal infrastructure creates concerning path dependency. It embeds coal deeper into CIL's business model and India's energy future. With commissioning timelines extending to 2027-2029 for various project phases, these investments lock India into coal utilization well beyond 2040, potentially working against the country's renewable energy and climate commitments. A narrowing window With its substantial cash reserves and market dominance, Coal India possesses the runway needed for transformation, but the window of opportunity is narrowing. The critical question facing CIL isn't whether coal will remain a part of India's energy future, but whether CIL can evolve from a fossil fuel producer into a diversified energy powerhouse quickly enough before market disruption and policy shifts render its core business model obsolete.
Business Standard
22-04-2025
- Business
- Business Standard
Term Life Insurance: A Cornerstone of Financial Security, Beyond Tax Savings
In India, term life insurance is often misunderstood as merely a tax-saving tool, courtesy of the benefits under Sections 80C and 10(10D) of the Income Tax Act. While these deductions — up to ₹1.5 lakh on premiums—and tax-free benefits are compelling, they should not distract us from the real purpose of term insurance: long-term financial protection for families. For far too long, financial planning in India has been skewed towards investment-led instruments. Life insurance is typically bundled with savings-oriented products like ULIPs and endowment plans, promoting the idea of wealth creation rather than risk protection. This mindset has pushed term insurance — the most cost-effective and purpose-built form of life coverage — to the sidelines. As a result, a majority of Indian households remain financially vulnerable. For families dependent on a single income, the sudden loss of a breadwinner can lead to severe financial distress. Routine expenses like EMIs, school fees, medical bills, and daily essentials can quickly become overwhelming. To put this into context, the Economic Survey 2023-24 pegs India's per capita income at ₹2.12 lakh per annum. Consider a middle-income household: Home Loan EMIs & Rent: Housing costs in metropolitan cities like Mumbai and Bangalore range between ₹3,00,000-₹7,00,000 per year, while even in Tier-2 cities, rental expenses can be as high as ₹3,00,000 annually. Children's Education: Private school fees can range from ₹50,000 to ₹3,00,000 annually per child, with higher education costs running into several lakhs. Daily Living Expenses: Groceries, utilities, and transportation for a family of four can cost up to ₹12,00,000 annually. Healthcare Costs: Routine medical expenses and emergency healthcare can add another ₹60,000 annually. Business & Professional Expenses: For self-employed individuals, business-related costs such as office rent, employee salaries, and loan EMIs further add to financial liabilities. These are real numbers, based on market surveys and everyday realities. Without a financial safety net like term insurance, such households are one crisis away from losing their stability. A key concern is not just low insurance coverage but also underinsurance. According to the National Insurance Academy, India's Insurance Protection Gap stands at a staggering 90%. Many individuals choose low cover amounts to keep premiums minimal, inadvertently defeating the purpose of life insurance. Ideally, one should opt for a sum assured that is 10 to 15 times their annual income, while factoring in existing liabilities. For instance, someone earning ₹10 lakh annually should have a term cover of at least ₹1–1.5 crore. Anything less puts dependents at risk of long-term financial strain. While these gaps are concerning, there's good news. The rise of digital insurance platforms has made term plans more accessible, transparent, and affordable than ever. At PhonePe, we're using technology to reshape how India approaches term life cover. Here's how we're making it easier for families to protect their future: Pre-approved offers that reduce issuance time and facilitate easy decision making Zero-cost assurance — what you see is what you pay, no hidden fees Up to 15% discount on plans Monthly & annual premium options, so you can choose what suits your cash flow A Relationship Manager t o assist at every step including plan selection, policy issuance and claim support. We're committed to building trust through unbiased advisory, seamless digital journeys, and consistent post-sale support. Our platform aggregates top-rated insurers, giving users a clear comparison across brands and benefits. As India collectively moves toward the IRDAI's vision of 'Insurance for All by 2047', it's time we shift the narrative. Term insurance is not just a checkbox for tax season — it's a cornerstone of responsible financial planning. At PhonePe, our mission is to demystify insurance, bridge India's protection gap, and empower every Indian household with simple, powerful, and reliable term life solutions. Because true financial security doesn't come from returns — it comes from reassurance.
Mint
21-04-2025
- Business
- Mint
Term life insurance a cornerstone of financial security, not merely a tax-saving tool
In India, term life insurance is often misunderstood as merely a tax-saving tool, courtesy of the benefits under Sections 80C and 10(10D) of the Income Tax Act. While these deductions — up to ₹ 1.5 lakh on premiums—and tax-free benefits are compelling, they should not distract us from the real purpose of term insurance: long-term financial protection for families. For far too long, financial planning in India has been skewed towards investment-led instruments. Life insurance is typically bundled with savings-oriented products like ULIPs and endowment plans, promoting the idea of wealth creation rather than risk protection. This mindset has pushed term insurance — the most cost-effective and purpose-built form of life coverage — to the sidelines. As a result, a majority of Indian households remain financially vulnerable. For families dependent on a single income, the sudden loss of a breadwinner can lead to severe financial distress. Routine expenses like EMIs, school fees, medical bills, and daily essentials can quickly become overwhelming. To put this into context, the Economic Survey 2023-24 pegs India's per capita income at ₹ 2.12 lakh per annum. Consider a middle-income household: Home Loan EMIs & Rent : Housing costs in metropolitan cities like Mumbai and Bangalore range between ₹ 3,00,000- ₹ 7,00,000 per year, while even in Tier-2 cities, rental expenses can be as high as ₹ 3,00,000 annually. : Housing costs in metropolitan cities like Mumbai and Bangalore range between 3,00,000- 7,00,000 per year, while even in Tier-2 cities, rental expenses can be as high as 3,00,000 annually. Children's Education : Private school fees can range from ₹ 50,000 to ₹ 3,00,000 annually per child, with higher education costs running into several lakhs. : Private school fees can range from 50,000 to 3,00,000 annually per child, with higher education costs running into several lakhs. Daily Living Expenses : Groceries, utilities, and transportation for a family of four can cost up to ₹ 12,00,000 annually. : Groceries, utilities, and transportation for a family of four can cost up to 12,00,000 annually. Healthcare Costs : Routine medical expenses and emergency healthcare can add another ₹ 60,000 annually. : Routine medical expenses and emergency healthcare can add another 60,000 annually. Business & Professional Expenses: For self-employed individuals, business-related costs such as office rent, employee salaries, and loan EMIs further add to financial liabilities. These are real numbers, based on market surveys and everyday realities. Without a financial safety net like term insurance, such households are one crisis away from losing their stability. A key concern is not just low insurance coverage but also underinsurance. According to the National Insurance Academy, India's Insurance Protection Gap stands at a staggering 90%. Many individuals choose low cover amounts to keep premiums minimal, inadvertently defeating the purpose of life insurance. Ideally, one should opt for a sum assured that is 10 to 15 times their annual income, while factoring in existing liabilities. For instance, someone earning ₹ 10 lakh annually should have a term cover of at least ₹ 1–1.5 crore. Anything less puts dependents at risk of long-term financial strain. While these gaps are concerning, there's good news. The rise of digital insurance platforms has made term plans more accessible, transparent, and affordable than ever. At PhonePe, we're using technology to reshape how India approaches term life cover. Here's how we're making it easier for families to protect their future: Pre-approved offers that reduce issuance time and facilitate easy decision making that reduce issuance time and facilitate easy decision making Zero-cost assurance — what you see is what you pay, no hidden fees — what you see is what you pay, no hidden fees Up to 15% discount on plans on plans Monthly & annual premium options , so you can choose what suits your cash flow , so you can choose what suits your cash flow A Relationship Manager to assist at every step including plan selection, policy issuance and claim support. We're committed to building trust through unbiased advisory, seamless digital journeys, and consistent post-sale support. Our platform aggregates top-rated insurers, giving users a clear comparison across brands and benefits. As India collectively moves toward the IRDAI's vision of 'Insurance for All by 2047', it's time we shift the narrative. Term insurance is not just a checkbox for tax season — it's a cornerstone of responsible financial planning. At PhonePe, our mission is to demystify insurance, bridge India's protection gap, and empower every Indian household with simple, powerful, and reliable term life solutions. Because true financial security doesn't come from returns — it comes from reassurance. Note to readers: This article is part of Mint's paid consumer connect Initiative. Mint assumes no editorial involvement or responsibility for errors, omissions, or content accuracy. Want to get your story featured as above? click here! First Published: 21 Apr 2025, 07:22 PM IST
