According to the FICCI-IMaCS report, it was found that twenty industrial sectors most of which are small and medium enterprises (SMEs) help in driving the growth of Indian economy. A significant role is also played by them in providing employment.
Different sectors including Textiles; Gems and Jewellery; Auto and Auto Components; Transportation and Logistics; Food Processing; Information Technology (IT); Organised Retail; Electronics and IT Hardware and others which have potential growth are involved in the SME sector. The report revealed that a challenge would be faced by India for providing a skilled workforce of 500 million. It expected the challenge for meeting the requirements of an estimated compound annual growth rate (CAGR) of 8% of GDP by 2022.
It was expected that about 12 million persons are expected to join the workforce every year. The skill development capacity in 2010 was found to be 3.4 million and the report expected to increase the skill and technical education capacity to 15 million. This is based on the consideration of even training of the sections of the workforce. In order to achieve the 500 million workforce by 2022, appropriate scale and speed of additions initiatives have to be implemented. Implementation of vocational education in schools and creation of a large talent pool are some of the measures that can be taken. A national skill exchange can be set up along with targeting the skill development at various levels for improving the growth of SME sector.