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Economic Times
5 days ago
- Business
- Economic Times
India lacks adequate valuation mechanism for skilled workers: Jayant Chaudhary
Synopsis Speaking at the 16th FICCI Global Skills Summit on Friday, Jayant Chaudhary, minister of state (independent charge) for ministry of skills development and entrepreneurship urged Indian industry to offer higher pay scales for certified workers and recognise formal qualifications over informal labour practices. Agencies Skills development minister Jayant Chaudhary on Friday urged India Inc to offer higher pay scales for certified workers and recognise formal qualifications over informal labour practices, saying India lacks adequate valuation mechanisms for skilled workers. 'Currently, we don't really have a price for employability, for skilling,' the minister said while speaking at the 16th FICCI Global Skills Summit. 'Everyone understands our skilling gap — young people are graduating, but we cannot hire them,' the minister said, emphasising that formal education systems struggle to keep pace with technological disruption.'Industry should really take ownership of skills development,' he said, urging companies to co-create from curriculum to protocols to bridge the skill gap. A FICCI–KPMG Knowledge Report on 'Next-Gen Skills for a Global Workforce: Enabling Youth and Empowering Economy', released at the summit, projected AI to grow to a $4.8 industry by 2033, with India facing particular disruption in IT, finance, healthcare and entry-level positions. The report outlines six strategic recommendations including tailored sector-specific AI skilling frameworks, modernised ITI curricula with AI machine interface training, and localised AI skilling hubs in Tier II and III cities, Ficci said in a statement. Besides, the summit also witnessed the launch of FICCI–FRSN Knowledge Report on 'Grading Framework for ITIs in India'. The report introduces a comprehensive three-stage methodology for evaluating India's 15,000 Industrial Training Institutes (ITIs), moving beyond traditional input-focused metrics to outcome-oriented assessment. The framework evaluates ITIs across three key levers, namely youth readiness and skills, ITI-industry engagement, and institutional functioning, using triangulated data from multiple stakeholders, including learners, alumni, employers, and administrators.'The framework emphasises that proper 'pricing' of skills requires industry to value certified workers through higher pay scales, whilst enabling targeted interventions based on performance patterns rather than uniform mandates across India's diverse institutional landscape,' Ficci added.
Time of India
5 days ago
- Business
- Time of India
India lacks adequate valuation mechanism for skilled workers: Jayant Chaudhary
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Skills development minister Jayant Chaudhary on Friday urged India Inc to offer higher pay scales for certified workers and recognise formal qualifications over informal labour practices, saying India lacks adequate valuation mechanisms for skilled workers.'Currently, we don't really have a price for employability, for skilling,' the minister said while speaking at the 16th FICCI Global Skills Summit 'Everyone understands our skilling gap — young people are graduating, but we cannot hire them,' the minister said, emphasising that formal education systems struggle to keep pace with technological disruption.'Industry should really take ownership of skills development,' he said, urging companies to co-create from curriculum to protocols to bridge the skill gap.A FICCI–KPMG Knowledge Report on 'Next-Gen Skills for a Global Workforce: Enabling Youth and Empowering Economy', released at the summit, projected AI to grow to a $4.8 industry by 2033, with India facing particular disruption in IT, finance, healthcare and entry-level report outlines six strategic recommendations including tailored sector-specific AI skilling frameworks , modernised ITI curricula with AI machine interface training, and localised AI skilling hubs in Tier II and III cities, Ficci said in a the summit also witnessed the launch of FICCI–FRSN Knowledge Report on 'Grading Framework for ITIs in India'. The report introduces a comprehensive three-stage methodology for evaluating India's 15,000 Industrial Training Institutes (ITIs), moving beyond traditional input-focused metrics to outcome-oriented framework evaluates ITIs across three key levers, namely youth readiness and skills, ITI-industry engagement, and institutional functioning, using triangulated data from multiple stakeholders, including learners, alumni, employers, and administrators.'The framework emphasises that proper 'pricing' of skills requires industry to value certified workers through higher pay scales, whilst enabling targeted interventions based on performance patterns rather than uniform mandates across India's diverse institutional landscape,' Ficci added.
Time of India
5 days ago
- Business
- Time of India
Calls for reforms rise as additional 25% levy may impact growth, jobs
NEW DELHI: The potential impact of additional 25% tariff announced by US President Donald Trump on goods imports from India could be larger for economic growth than previously estimated, if they are implemented after Aug 27 deadline, economists said. Estimates showed initial 25% tariff imposed on Indian exports would have a muted impact on growth in the range of 0.2-0.4 percentage points. However, additional 25% tariff could impact growth and jobs in some of the key export sectors and could hurt overall sentiment. There is a window open for talks, with a team from US expected to visit India on Aug 25, which could help ease some of tariff burden. Goldman Sachs said it expects some more potential impact on growth due to additional tariff. "We previously estimated a potential direct impact of around 0.3 percentage point (annualised) to India's real GDP growth, following President Trump's announcement of a 25% tariff," it said in a report. "If the new additional duty (including exclusions) is enforced, then that would constitute a potential incremental drag of around another 0.3 percentage points (annualised)," the report said, adding, 4% of India's GDP is exposed to US final demand. Goldman Sachs, however, said it was not making any changes to its growth forecasts for calendar years 2025 and 2026 for now as there is a three-week window for negotiations until the new incremental tariffs roll out. RBI on Wednesday kept its growth forecast unchanged at 6.5% for the current fiscal year but cautioned about the "headwinds emanating from prolonged geopolitical tensions, persisting global uncertainties and volatility in global financial markets pose risks to the growth outlook. " Trump's announcement of additional 25% tariff for India has sparked dismay and outrage, with external affairs ministry calling the move "unfair, unjustified and unreasonable." However, it also triggered calls from top industrialists and bureaucrats for more aggressive reforms, from ease of doing business to GST revamp to labour reforms and privatisation, and stepping up tourism to help overcome any adverse impact of Trump's unfair decision. Industrialist Anand Mahindra said US tariffs would have unintended consequences of creating new growth drivers and India should use the opportunity to unleash reforms like the ones rolled out in 1991 and promote tourism as a forex engine. Ficci president Harsha Vardhan Agarwal said it was time to focus "all our energies" into strengthening industrial economy and services sector. "Trump has provided us a once in a generation opportunity to take the next big leap on reforms. Crisis must be fully utilised," former G20 Sherpa and former CEO of govt's policy think tank Niti Aayog Amitabh Kant said on microblogging site X. Stay informed with the latest business news, updates on bank holidays and public holidays .
Economic Times
6 days ago
- Business
- Economic Times
No direct impact on JSW biz, but sentiment in India will be hit: Parth Jindal on Trump's tariff
There would be no impact on the USD 23 billion-JSW Group's business due to the 50 per cent tariff imposed by the Trump administration, but sentiments in India may be hit, Jindal Cements MD Parth Jindal said on the imposition of additional tariffs of 25 per cent by the Trump administration on Wednesday, Jindal said it was "very unfortunate", and the industry should stand with "whatever route the government of India wants to take" in the national interest."We have to worry about 1.4 billion people here; we don't have to worry about what's happening in other parts of the world," said Jindal on the sidelines of an event statement came a day after Trump ratcheted up tariffs on Indian goods to 50 per cent, even as the two nations discuss a bilateral trade deal. The trade deal has been stuck over the US demand for greater access to India's agricultural and dairy market. When asked about the development, Jindal said: "No, there is no direct impact on either the steel industry or the cement industry or the power industry or the paint industry, there is no impact" due to the tariff. However, the managing director, who also heads the paints business of the group, said the "sentiment will take a hit for sure".The export from India to the US is around USD 86 billion, of which around USD 10 billion is pharma, which has an exemption."So, you are looking at about USD 76 billion getting impacted, which is mainly gems and jewellery, textile and a bit of the toy industry and some of the auto component guys," he added. When being asked if the high tariff persists, what would be the industry's demand from the government, Parth said: "I think the government, in their wisdom, is already taking steps to boost the gems and jewellery industry, to boost the textile industry. They are acutely aware of what's going to happen if the tariffs stay and the government machinery is "working double time" on finding a solution."I am sure, Ficci, CII, and Assocham are also working with the government very diligently, and I am sure steps will be taken, but we have to stand by whatever route the government of India wants to take. They are taking the route which is in the interest of 1.4 billion Indians," he the India-US relationship, Parth said It's been three decades of hard work by India and the US to get the relationship back to where it needs to be. "India has spent a lot of time and effort as well on improving the relationship, which started improving under President Clinton and improved with every successive president," Parth who had attended the Howdy-Modi event in 2019 in Houston, said: "I saw the bonhomie between Prime Minister Narendra Modi and President Donald Trump. So, I really don't know what's changed". The oldest democracy in the world and the largest democracy in the world are natural allies, and this is just an aberration.
Time of India
24-07-2025
- Business
- Time of India
'Will stimulate innovation, ease market access'
NEW DELHI: Industry hailed the India-UK trade pact, saying it will reduce barriers, enhance confidence and boost JVs and technology transfers. "This agreement establishes a forward-looking partnership that will stimulate innovation, ease market access, and foster investment. Businesses in India and the UK stand to gain, as it lays the groundwork for scaling up cooperation across key growth sectors," said Bharti Enterprises chairman Sunil Mittal. Shahi Exports MD Harish Ahuja, who leads Ficci's foreign trade & trade facilitation committee, added the agreement will boost India's export competitiveness, particularly in labour-intensive sectors including textiles and apparels. "Assocham believes the deal will not only boost export potential and manufacturing competitiveness, but also open new growth avenues in innovation & services," said industry body's chief Sanjay Nayar. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
