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According to the Economic Survey 2023-24, 65% of India’s fast-growing population is under the age of 35, and many lack the skills needed by a modern economy. It also stated that about 51.25% of the country’s youth is deemed employable, according to estimates. This is to say that about one in two graduates are not yet readily employable straight out of college. However, it must be noted that the percentage has improved from around 34% to 51.3% in the last decade. 

Also Read: Economic Survey 2023-24 LIVE updates: India’s GDP to grow at 6.5-7% in current FY

The 2022-23 Annual Report of the Ministry of Skill Development & Entrepreneurship (MSDE) notes, “as per National Single SignOn (NSSO), 2011-12 (68th round) report on Status of Education and Vocational Training in India, among persons of age 15-59 years, about 2.2% reported to have received formal vocational training and 8.6% reported to have received non-formal vocational training”.

The same report enumerates the challenges in the skilling and entrepreneurship landscape in the country, such as a low public perception on skilling; an alternative for those who have not completed their formal academic system, unmoderated skill development programmes of the Central Government, multiplicity in assessment and certification systems that cause confusion among the employers, understaffed or untrained faculty, mismatch between demand and supply, limited mobility between skill and higher education/vocational programmes.

Also Read: Economic Survey 2023-24: India’s growth back to pre-COVID trends, 7%-plus growth possible in medium term

Other challenges include a low coverage of apprenticeship programmes, insufficient skill curriculum, declining women labour force participation, pre-dominant non-farm, unorganised sector employment with low productivity but no premium for skilling, non-inclusion of entrepreneurship in formal education system, lack of mentorship and adequate access to finance for start-ups, inadequate motivation to innovation driven entrepreneurship and a lack of assured wage premium for skilled people.

Chairman Warren Buffett, left, at the Berkshire Hathaway Inc. annual shareholders’ meeting in Omaha, Nebraska, U.S., on May 3, 2024.
| Photo Credit: REUTERS

Billionaire investor Warren Buffett said that the Indian market has “unexplored” opportunities which his conglomerate holding company, Berkshire Hathaway, would like to explore “in the future”.

Mr. Buffett’s remarks came at Berkshire’s annual meeting on May 3 when Rajeev Agarwal of DoorDarshi Advisors, a U.S.-based hedge fund that invests in Indian equities, asked him about the possibility of Berkshire exploring in India, the world’s fifth-largest economy.

“It is a very good question. I am sure there are loads of opportunities in countries like India,” he said.

“The question, however, is whether we have any advantage or insights into those businesses in India or any contacts that will make possible transactions that Berkshire would like to participate in. That is something a more energetic management at Berkshire could pursue,” the co-founder, chairman and CEO of Berkshire Hathaway said.

Mr. Buffett, 93, said Berkshire has a great reputation around the world. He said, his Japanese experience has been fascinating enough.

“There may be an unexplored or an unattended opportunity…but that may be something in the future,” he said about India.

Mr. Buffett said the question is if Berkshire has some kind of advantage in pursuing those unattended opportunities, particularly against people who are managing other people’s money and getting paid based on assets.

During a Question and Answer session, Mr. Buffett answered several questions related to some of the key investment decisions taken by Berkshire Hathway lately.

Decidedly reducing stake in Apple was one of the key topics. Mr. Buffett clarified that it had nothing to do with the long-term view on the stock and Apple will probably remain one of their largest holdings despite the recent slowdown.

He also told shareholders that Vice Chairmen Greg Abel and Ajit Jain have proven themselves the right people to lead Berkshire after he departs.