According to the World Development Journal, economic growth for a developing country solves not only the issues of financial resources availability but also contributes towards improving living standards as a higher gross national product.
India, as reported by World Bank in 2013, had a per capita income of US$1164 and ranked 112th out of 164 countries surveyed. However, the social issues of poverty, income inequality and providing better quality of life make continuous and sustainable economic growth mandatory for the nation as this is the need of the hour for India.
Manufacturing is the foundation for building economic prosperity by increasing the availability of cheaper and better products, lowering unemployment and improving the quality of life of its population for a developing nation. It opens up opportunities not only for employment that would cater to the need of advanced skill levels at higher wages, but also for a greater convergence of skills By focusing on the expansion of the manufacturing industry, a country can also give pathway to the incorporation of advanced technology along with its other advantages.
According to the European Environment Agency, the manufacturing sector contributes 22% of the greenhouse gas emissions globally, which is undesirable. On the contrary, technological products integral for the existence of clean technologies in the world are all products derived from the manufacturing sector. Thus, this fact indirectly makes manufacturing a contributor towards environmental sustainability and a basic need for environmental sustainability.
Skills development and employment generation are critical factors from a sustainability viewpoint. Skill development is a powerful tool to empower and improve social acceptance and employability of individuals.
According to the India skills report 2016, 2.3% of the total working age population of India has undergone formal skill training at the higher education level. In contrast to other developed countries like South Korea 96%, Japan 80%, Germany 75%, UK 68% and USA 52%, India’s formally trained higher education representation is lower.
It is evident that unlike the 1980’s sustainable development has a different meaning in the present. Today, due to increase in dependency on technology for competitive edge, technology and skills of the population cannot be neglected.
The Government is taking measures to encounter the problem of lack of skills using the ‘Skill India’ campaign. It plans to achieve most its goals by 2020 or 2022.
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The CSR Journal Team