This refers to Subir Gokarn’s column “Global ifs and buts” (Muddy Waters, January 28). Despite the infusion of new-found capital, pragmatic policies and empowering support institutions, we might yet see the spectre of “employablility” loom over every economy. It is estimated that 600 million jobs need to be created worldwide over the next decade to make up for jobs lost in the recent economic crisis. Most new jobs cover sectors that drive innovation and growth through advances in science, engineering and technology. But, as job growth accelerates in industries requiring high-skilled workers, we are creating a global market for talent that remains largely vacant. It is a paradox that even as new jobs are being created, millions of people are denied of these opportunities, since they lack the matching education and skills. The global youth unemployment rate is 12.7 per cent — double the overall rate of six per cent. The traditional education curriculum has not been keeping pace with change, or even meeting the needs of businesses. Chief executive officers in the Asia-Pacific region – home to the world’s largest workforce and the fastest-growing economies – say being unable to find key skills could hurt their ability to grow. Globally, a projected deficit of skill of up to 40 million college-educated workers by 2020, will suppress economic growth. Solutions have to be found on a global platform. It is imperative that companies forge ties with the providers of new talent — schools, universities and apprenticeship programmes.
R Narayanan Ghaziabad
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