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Vocational training market in India was valued at INR 90 bn in 2011 and is slated to grow at a CAGR of 23%. Government has set a target of preparing 500 mn skilled workers by 2022, as around 75-80 mn jobs will be created over the next 5 years and 75% of them will require vocational training. The market is poised for strong growth over the next few years owing to favourable government support.
The report begins with an introduction to the education market in India and its various sub-segments. Indian education system largely consists of formal and informal sectors, with the formal sector accounting for the major share. A macro overview of the Indian education system is also included, which throws light on some of the key indicators such as literacy rate in India, demographic split in education, budget allocation for education and five year plan outlay for education. This section also includes the vocational training policy framework present in India.
The market overview section gives an insight into the overall education market in India along with the vocational training market, their market size and growth. This is followed by the key segments and applications of vocational training. In India, it is present in both formal and informal sectors and has wide applications in areas such as IT, BFSI, retail, aviation and others. The education and vocational training structure in India is also provided. Additionally, an analysis of Porter’s Five Forces provides an insight into the competitive intensity and attractiveness of the market.
An analysis of the drivers and challenges explains the factors leading to the growth of the market including huge demand for skilled workers, low vocational training penetration, increasing government expenditure, growth in service sector and inefficiency in formal education system. The key challenges identified are low quality of inputs and lack of finance.
The government participation in this sector has also been highlighted in the report, and includes government bodies, government initiatives and associated bodies. Ministry of Human Resource Development and Directorate General of Employment & Training are the two key government bodies in this sector. Government initiatives largely comprise of National Policy on Skill Development, Skill Development Initiative Scheme, Craftsmen Training Scheme, National Vocational Qualification Framework and National Vocational Educational Qualification Framework. Industry associations impacting vocational training segment constitutes of FICCI, CII and ASSOCHAM. Foreign collaborations in this sector include countries like UK, Canada, Germany, Switzerland and Australia. International bodies like International Labour Organization, World Bank and European Union, also contribute to the vocational education and training segment in India.