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Need for switch from physical to human capital

Human capital refers to stock of ‘skill and expertise’ embodied in humans. Human capital is as important as physical capital for economic development. Human capital formation is the process of adding to stock of human capital over time. Human capital can be developed through creation of skilled, trained and efficient labour force by providing better education, health care facilities, etc. Highly skilled people can create new ideas and methods of production. Thus, expenditure on education, on health and on on-job-training are key instruments of human capital formation. Expenditure on education is one of the most important way of enhancing and enlarging a productive workforce in the country. Expenditure on health can create more efficient and more productive human capital. Further, on-the-job-training helps workers to update skills. Training enhances the productivity and is expected to accelerate the process of human capital formation.

Human Capital and Economic Growth

When we talk about economic growth, human capital is the main reason for the accelerated growth and expansion for many countries that provide investment in human capital. This gives the best advantages to these countries for providing the best situations for work and lifestyles.A significant advantage in generating a stable environment for growth is that the nation has the expanded high-quality human capital in fields like health, science, management, education, and other fields. Here, the main components of human capital are definitely human beings, but presently, the principal component is a creative, educated, and enterprising person with a high level of professionalism.

Human capital in the economy manages the central portion of the national wealth. Hence, all researchers consider that human capital is the most important resource of the community, which is more powerful than nature or wealth. In most countries, human capital determines the rate of development, economic, technological, and scientific progress.

(i) Inventions, innovations, and technological improvement

 (ii) Higher productivity of physical capital

 (iii) Raises production

 (iv) High rate of participation and equality

 (v) Improves the quality of life

The difference between human capital and physical capital

Both forms of capital formation are outcomes of conscious investment decisions. Decision regarding investment in physical capital is taken on the basis of one’s knowledge in this regard. The entrepreneur possesses knowledge to calculate the expected rate of return to a range of investments and internationally decide which one of the investments should be made. Physical capital is the outcome of the conscious decision of the owner the physical capital formation is mainly and economic and technical process. A substantial part of human capital formation takes place in one life when she or he is unable to decide whether it will maximize her or his earnings. Children are given different types of school education health care facilities by parents and society. The peers, educators and society influence the decisions regarding human capital investment even at the tertiary level, at the college level. Human capital formation at this stage is dependent upon the already from human capital at the school level. Human capital formation is partly a social process and partly a conscious decision of the possessor of the human capital. The owner of a physical capital, does need not be present in the place where it is used; a bus driver who possesses the knowledge and ability to drive the bus should be present when the bus is used for transportation of people and other materials physical capital is tangible and can be easily sold in the market like any other commodity. Human Capital is intangible it is endogenously built in the body and mind of its owner. Human Capital is not sold in the market; service of human capital is sold and hence there arises the necessity of owner of the human capital to be present in the place of production. Physical capital is variable from its owner where does the human capital is in separable from its owner. The two forms of capital differ in terms of mobility across space. Capital is completely mobile between countries except for some artificial trade restrictions. Human capital is not a perfectly movable between countries as movement is restricted by nationality and culture. Physical Capital formation can be built it even do import, human capital formation is to be done through conscious policy formulations in consensus with nature of society and economy expenditure by the state and the individual.

Both forms of capital depreciate with the time but the nature of depreciation differs between the two continuous use of machine lead to depreciation and change of Technology makes a machine of solute. Human capital, eating but can reduce, for large through continuous investment in education and health on the job training. This investment also facilitates the human capital to cope with change in technology which is not the case with physical capital. Natures of benefits flowing from human capital are different from that of physical capital. Human Capital benefits not only the owner but also the society in general. This is called external benefit. Educated person can effectively take part in a democratic process and contribute to the socio economic progress of a nation. Healthy person, by maintaining personal hygiene and sanitation, stops the spread of contagious diseases and epidemics. Human Capital creates both private and social benefits where as physical capital creates only private benefits. That is, benefits from a capital good flow to those who pay the price for the product and services provided by it.

Importance of Human Capital Formation:

Although the accumulation of physical capital is quite important in the process of economic growth of a country but with the passage of time, it is being increasingly realised that the growth of tangible capital stock depends extensively on the human capital formation must get its due importance.In the absence of adequate investment in human capital, utilisation of physical capital will be at low pace, leading to retardation of development.Prof. Galbraith observed, “We now get the larger part of our industrial growth not from more capital investment but from investment in men and improvements brought about by improved men.” Unless these developed economies spread education, knowledge, know-how and raise the level of skills and physical efficiency of their people, the productivity of physical capital would have been reduced at this moment.

Most of the underdeveloped countries are suffering from low rate of economic growth which is again partially resulted from lack of investment in human capital. These underdeveloped countries are facing mainly two basic problems. They lack critical skills very much needed for the industrial sector and again have a surplus labour force.Thus human capital formation wants to solve these problems by creating necessary skills in man as a productive resource and also providing him gainful employment.In order to remove economic backwardness of the underdeveloped countries as well as to instill the capacities and motivations to progress, it is quite necessary to increase the level of knowledge and skills of the people.Thus in the absence of proper development of the quality of the human factor, the underdeveloped countries will not be able to attain the desired rate of progress.

Takeaway

Economic and social benefits of human capital formation and Human Development are well-known. The spread of education and Health Services across different sectors of the society should be ensured so as to simultaneously attain economic growth and equity. The need of the hour is to better it qualitatively and provide such conditions so that they are utilised in our own country.

The Roots of STEM Talent of India

Credit: Dreamstime

Introduction

The Information Technology sector in India has built its reputation by providing cost-effective solutions and providing employment to millions of people in the process. However, the full-time research workforce in India was estimated to be just 2,00,000 in 2015 by UNESCO. Are we, as a nation, adequately promoting careers in Science, Technology, Engineering, and Mathematics (STEM) subjects, and are we even able to generate enough talent for our own demand? Are we losing some of our best minds to other countries because of a lack of support and opportunities?

What is STEM?

STEM, in full science, technology, engineering, and mathematics, field, and curriculum centered on education in the disciplines of science, technology, engineering, and mathematics (STEM). The STEM acronym was introduced in 2001 by scientific administrators at the U.S. National Science Foundation (NSF). The organization previously used the acronym SMET when referring to the career fields in those disciplines or a curriculum that integrated knowledge and skills from those fields. In 2001, however, American biologist Judith Ramaley, then assistant director of education and human resources at NSF, rearranged the words to form the STEM acronym.

Women in STEM

Under-representation of women and gender pay gaps are well-recognized global challenges in STEM sectors. While Indian Technology firms can still boast of a relatively better female-to-male ratio, according to UNESCO estimates, only 14 percent of the researchers in India are women. Even engineering colleges have skewed gender ratio in favor of male students, and according to a Kelly Global Workforce Insights (KGWI) survey, 81 percent of the women in STEM fields in India have perceived a gender bias during performance evaluation.  The annual ‘Girls in Tech’ MasterCard research indicates that while interest in STEM careers is increasing gradually, women are still less likely than men to pursue a STEM career and less likely to remain in the field for their entire career owing to male dominance in the fields. 

STEM Sector in India

The focus on building the scientific prowess of the masses, and bet on specialized educational institutions to do the same, institutions like the Indian Institute of Technology (IIT), Indian Institute of Science (IISc), and All India Institute of Medical Science (AIIMS) was founded and promoted to develop the country’s scientific and technical manpower, and in the process help the society and economy prosper. However, with time, these institutes have largely been reduced to stepping stones for a well-paying career. Especially in the last two decades, the relentless quest of students, and their parents, to ensure admission to such premier institutes has given rise to an astronomical coaching classes industry as well. A particular blow to STEM education came when the All India Council for Technical Education (AICTE) liberally allowed the setting up of engineering institutes across the country a few years ago. The move was undertaken in anticipation of a huge demand for engineering studies. However, this not only eroded the value conferred on an engineering degree but also compromised the quality of education and training provided on a fundamental level.

Making STEM a Priority

The first step towards fixing what’s broken is the identification and acknowledgment of the present challenges and understanding the context in which they arise. In other words, the government and the private education sector must make a genuine attempt at understanding their shortcomings, and reflect on why so few Indian institutes are recognized for quality STEM education and training. Establishing global partnerships with countries that have built sophisticated STEM expertise is critical to paving the way for knowledge exchange and skill development. While American and European universities are known for their focus on STEM education, countries in the networks of BRICS and ASEAN could also prove to be beneficial partners. This also needs to be backed by healthy funding to develop independent institutes that focus on research, pure sciences, and other derivatives of STEM subjects. The Indeed survey showed that job seekers in the age group of 21-25 were 12 percent more inclined towards jobs in STEM sectors than in others. Inculcating innovation and creativity in young minds and encouraging them to pursue dedicated courses right from the moment they stepped into the formal education system is essential. However, in the present system, STEM studies might simply be added as an additional layer to the existing curriculum and would increase pressure on students and teachers alike.

References

Mandatory Enrollment of Graduates at Employment Exchange

 Government does not have any proposal to make it mandatory for graduates to register at employment exchange at districts across the country. The registration at employment exchanges across the country for availing employment related services is voluntary.

The Ministry is implementing National Career Service (NCS) Project to provide a variety of career related services viz. job search and matching, career counselling, vocational guidance, information on skill development courses, etc. The services are available online on the National Career Service Portal (www.ncs.gov.in).

GENERATION OF JOBS BY STARTUPS

 The number of jobs generated in last three years in the country, as reported by startups recognized by DPIIT, is as follows:

Year

Jobs Reported by Recognized Startups (as on 08th December 2021)

2018

93527

2019

142646

2020

169724

2021 

(till 08th December)

192427

Total

598324

 

There is no centralized compilation of information on year-wise contribution made by startups in the Gross Domestic Production of the country.

 

Government of India as part of Startup India initiative has implemented Fund of Funds for Startups (FFS) Scheme and Startup India Seed Fund Scheme (SISFS) across all States/UTs to promote private investment in the Startups through Alternative Investment Funds (AIFs) and incubators.

Under FFS, a corpus of Rs. 10,000 crore has been sanctioned, spread over 14th and 15th Finance Commission cycles. Small Industries Development Bank of India (SIDBI) is the nodal bank under this Scheme. The FFS Scheme does not directly provide financial assistance to startups, instead supports SEBI- registered Alternative Investment Funds (AIFs), who in turn invest money in growing Indian startups through equity and equity-linked instruments.

Under the Startup India Seed Fund Scheme (SISFS), Rs. 945 crore has been sanctioned for period of 4 years starting from 2021-22. The funds are released to Startups through approved Incubators.

Further, 49 key regulatory changes to enhance ease of doing business, raising capital and reducing compliance burden have been undertaken. This includes insurers, EPFO, non-government provident funds, superannuation, and gratuity funds to invest in AIFs, thereby enabling billions of dollars’ worth of domestic capital being made available for the Indian startup ecosystem. 

Furthermore, requirement of prior turnover and experience has been relaxed to encourage startups to participate for tenders. Startups have been exempted from requirement of earnest money deposit. ‘GeM Startup Runway’ has been launched with dedicated corner for startups to sell products and services to Government. As on 3rd October, 2021, 11,386 startups had been on boarded on GeM, with 93,908 orders from public entities.

National Single Window System (NSWS) – a one-stop for regulatory approvals

 I.          Introduction

  • The year 2020 witnessed turmoil due to COVID-19 pandemic which emerged as the biggest threat to economic growth. Indian economy has witnessed a sharp contraction of 24.4 per cent in Q1 and 7.3 per cent in Q2 of FY 2020-21.
  • To convert COVID pandemic related challenges into opportunity, a series of measures have been taken by the Government to improve the economic situation including inter-alia announcement of the Atmanirbhar package amounting to Rs.29.87 Lakh Crore. Targeted interventions were made to support the economy and livelihood. Moreover, the pace of structural reforms was expedited. 
  • The major reforms undertaken under Atmanirbhar package include Credit guarantee for MSME loans, sectoral structural reforms, policy on strategic disinvestment of CPSEs, reforms in public procurement, setting up of Empowered Group of Secretaries and Project Development Cells for facilitating investment, reduction in compliance burden and single window system for clearances. 
  • These measures, in addition to structural reforms taken up, have assisted the economy in its early revival. India, which was not producing N-95, PPE Kits, ventilators, etc. prior to Corona pandemic has started producing the same and even catering to world markets and became self-reliant. Government has started vaccination drive in January, 2021 and indigenously developed Covaxin vaccine in its fight against Covid pandemic. As on date more than 143 crore Covid doses have already been administered in India. This has not only saved the lives of people but also set momentum for early recovery of the economy.
  • Economy has started showing sign of recovery with GDP growth rebounding to 20.1 per cent in Q1 and 8.4 percent in Q2 of 2021-22. Several high frequency indicators like E-way bills, rail freight, port traffic, GST collections and power consumption have demonstrated a V-shaped recovery in the economy. 

II.        Industrial Performance

  • Industrial sector performance during 2020-21 declined considerably, by -8.4%, mainly due to nationwide closure of industries by the Government to limit the impact caused by Covid-19 pandemic on public health from March 2020 onwards. The Mining & Manufacturing sectors were majorly impacted as they declined by -7.8% & -9.6% respectively, whereas Electricity generation sector declined by -0.5%. 
  • The cumulative Index of Industrial Production for April-October, 2020 declined by 17.3 percent. However, various measures undertaken by the Government including vaccination & the structural reforms and resilience of the Indian industry have helped early revival of the economy, which led to surge in IIP for same period in 2021 by 20.0 per cent. Similarly, the Mining, Manufacturing, and Electricity sector have registered growth of 20.4 percent, 21.2 percent, and 11.4 percent respectively during the same period.

III.       Trends in Growth of Eight Core Industries

  • The Index of Eight Core Industries (ICI) measures the performance of eight core industries i.e. Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilizers, Steel, Cement and Electricity. The industries included in the ICI comprise 40.27 per cent weight in the Index of Industrial Production (IIP).

          

  • During 2020-21, the ICI growth rate was -6.4 per cent compared to average growth rate of 3.0 per cent during last 3 years i.e. 2017-18 to 2019-20. The rate of growth has been robust during the current financial year (April to October, 2021-22) i.e. 15.1%. Out of Eight Core sectors, six of them have shown double digit growth with Cement and Steel sectors leading the pack with growth rates of 33.6% & 28.6% respectively. Whereas, Crude Oil & Fertilizers sector growth remain muted in the same period i.e. (April to October, 2021-22). These shows the revival of core industries.

 

IV.       DPIIT has been spearheading a number of initiatives in this area, ‘To Make in India for the World’. The key steps taken in this regard are as follows: 

1.         Production Linked Incentive Scheme:  

  • Keeping in view India’s vision of becoming ‘Atmanirbhar’ and to enhance India’s Manufacturing capabilities and Exports, an outlay of INR 1.97 lakh crore (US$ 26 billion) has been announced in Union Budget 2021-22 for PLI schemes for 14 key sectors of manufacturing starting from fiscal year (FY) 2021-22. These 14 sectors are namely:  (i) Automobiles and Auto Components, (ii) Pharmaceuticals Drugs, (iii) Specialty Steel, (iv) Telecom & Networking Products, (v) Electronic/Technology Products, (vi) White Goods (ACs and LED Lights), (vii) Food Products, (viii) Textile Products: MMF segment and technical textiles, (ix) High efficiency solar PV modules, and (x) Advanced Chemistry Cell (ACC) Battery (xi) Medical devices (xii) Large scale electronics manufacturing  including mobile phones (xiii)  Critical Key Starting materials /Drug intermediaries and API; and (xiv) Drones and Drone Components.
  • The guidelines for all PLI schemes have already been issued and applications have also been received under a majority of the schemes.
  • While DPIIT is doing the overall coordination for PLI Schemes, it is the nodal Department for PLI scheme for White Goods (Air Conditioners and LED lights), which has an outlay of an outlay of Rs. 6238 Crore. The Scheme Guidelines was published on 4th June 2021. 42 applicants with committed investment of Rs 4,614 crore have been provisionally selected as beneficiaries under this PLI scheme. The selected applicants include 26 for Air Conditioner manufacturing with committed investments of Rs. 3,898 crore and 16 for LED Lights manufacturing with committed investments of Rs. 716 crore.

2.         PM GatiShakti National Master Plan (NMP):

  • The Prime Minister launched Gati Shakti, a National Master Plan for Infrastructure Development, on 13th October, 2021. Gati Shakti is a digital platform which will bring 16 Ministries including Railways and Roadways together for integrated planning and coordinated implementation of infrastructure connectivity projects.
  • PM Gati Shakti aims to address the past issues through institutionalizing holistic planning for stakeholders for major infrastructure projects. Instead of planning & designing separately in silos, the projects will be designed and executed with a common vision. It will incorporate the infrastructure schemes of various Ministries and State Governments like Bharatmala, Sagarmala, inland waterways, dry/land ports, UDAN etc. Economic Zones like textile clusters, pharmaceutical clusters, defence corridors, electronic parks, industrial corridors, fishing clusters, agri zones will be covered to improve connectivity & make Indian businesses more competitive. It will also leverage technology extensively including spatial planning tools with ISRO imagery developed by BiSAG-N (Bhaskaracharya National Institute for Space Applications and Geoinformatics).

3.         Start-up India Programme: 

· The Start-up India initiative was launched by the Prime Minister on 16th January 2016 as a flagship initiative of Government of India. The initiative was intended to build a stronger ecosystem for nurturing India’s start-up culture that would further drive our economic growth, support entrepreneurship, and enable large-scale employment opportunities. With over 60,000 recognized start-ups, India has transformed into the third largest start-up ecosystemsupplementing employability as well as enhancing our self-reliance. Start-up India’s role has been vital in nurturing entrepreneurship beyond Tier 1 cities. The regional growth through the efforts of States and Union Territories (UTs) has created a national ecosystem to thrust our economic goals. While 55% of the recognised start-ups are from Tier-1 cities and 45% of the start-ups are from Tier-2 and Tier-3 cities respectively, 45% of start-ups are represented by women entrepreneurs. This shows the roots of startups have grown deep in the country.

· Recognized start-ups have made deep inroads into Tier-II and Tier-III cities. Startups are now spread across 633 districts with a total of 30 States and UTs with Startup Policies in place. DPIIT recognised start-ups have reported creation of close to 2 lakh jobs in 2021, the highest in four years. Cumulatively, more than 6.5 lakhs jobs have been generated since the launch of Start-up India initiative.

· Under the Fund of Funds for Start-ups (FFS), Rs. 6,495 crore has been committed to 80 Alternative Investment Funds (AIFs) and Rs. 8,085 crore have been invested by supported AIFs in 540 startups. For Start-up India Seed Fund Scheme (SISFS), 58 incubators have been selected and Rs. 232.75 crore have been approved as grant under the Scheme

4.         Investment Promotion 

  1. Investment Clearance Cell: 

While presenting Budget 2020-21, Union Finance Minister announced plans to set up an Investment Clearance Cell (ICC) that will provide “end to end” facilitation and support to investors, including pre-investment advisory, provide information related to land banks and facilitate clearances at Centre and State level. The cell was proposed to operate through an online digital portal.

Subsequently, DPIIT along with Invest India initiated the process of developing the portal as a National Single Window System (NSWS). Envisioned as a one-stop for taking all the regulatory approvals and services in the country, NSWS [www.nsws.gov.in], was soft-launched on 22nd September 2021 by the Commerce & Industries Minister, Shri Piyush Goyal.

This national portal integrates the existing clearance systems of the various Ministries/ Departments of Govt. of India and State Governments without disruption to the existing IT portals of Ministries/ Departments. Approvals of 18 Ministries/ Departments and 10 States Single Window Systems have been on-boarded in Phase I. Complete on-boarding of 32 Central Departments and 14 States would be in next phases, all remaining States will be on-boarded in a phase manner.

  1. Ease of Doing Business:

DPIIT is continuously making efforts to improve ease of doing business in the country through the three major initiatives being pursued, focusing on – World Bank’s Ease of Doing Business, State & District Reform Action Plan and systematic approach to reduce regulatory compliance burden on businesses. As a result, India’s rank as per World Bank’s EoDB Report improved from 142 in 2014 to 63 in 2020. 

In order to monitor large database of compliances across Central Ministries/Departments and States/UTs, DPIIT has launched the Regulatory Compliance Portal on 1st January, 2021 (https://eodbrcp.dpiit.gov.in/). Based on data uploaded on Regulatory Compliance Portal, more than 25,000 compliances have been reduced by Central Ministries/Departments and States/UTs combined. 

DPIIT had identified 194 compliances for reductions pertaining to PESO, Boiler, IPR, NEIDS, Industrial Licensing. Out of these, 134 compliances have been ‘Reduced”, 31 are ‘under review’ and 29 have been ‘Retained’.  Types of compliance reduced are: (i) Certificate, License and Permission (ii) Filings (iii) Inspection, Examination and Audits (iv) Registers and Records, (v) Display Requirements, (vi) Redundancy (vii) Decriminalization (viii) Technology and (ix) others.

  1. Project Development Cells: 

Project Development Cells (PDCs) have been set up in 29 Ministries/Departments to fast track investment in coordination between the Central Government and State Governments and thereby enhance the pipeline of investible projects in India and in turn increase domestic investment and FDI inflows.

  1. India Industrial Land Bank (IILB): 

The IILB is a GIS based portal developed by DPIIT as a one stop repository of all industrial infrastructure related information – connectivity, infra, natural resources & terrain, plot level information on vacant plots, line of activity and contact details. Currently, the IILB has approximately 4500 industrial parks mapped across an area of 5.11 lakh hectare of land serving as a decision support system for investors scouting for land remotely. The system has been integrated with industry-based GIS systems of 24 States/UTs namely Andhra Pradesh, Assam, Bihar, Chhattisgarh, Dadar & Nagar Haveli and Daman & Diu, Goa, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Maharashtra, Madhya Pradesh, Odisha, Punjab, Puducherry, Sikkim, Tamil Nadu, Tripura, Telangana, Uttarakhand, UP and have details of 2113 GIS enabled parks on a real-time basis. A mobile application (wherein login is not required) of IILB is also available on Android and iOS stores for the ease of investor.

6.         Foreign Direct Investment

  • FDI policy provisions have been progressively liberalized and simplified across various sectors in the recent past to make India an attractive investment destination. Measures taken by the Government on FDI Policy reforms have resulted in increased FDI inflows in the country, which year after year is setting up new records. FDI inflows in India stood at US $ 45.15 billion in 2014-2015 and have continuously increased since then. FDI inflows increased to US $ 55.56 billion in 2015-2016, US $ 60.22 billion in 2016-2017, US $ 60.97 billion in 2017-2018, US $ 62.00 billion in the year 2018-19, US$ 74.39 billion in the year 2019-20 and India registered its highest ever annual FDI inflow of US$ 81.97 billion (provisional figures) in the financial year 2020-21. These trends in India’s FDI are an endorsement of its status as a preferred investment destination amongst global investors. 

FDI policy reforms during 2021:

  • Insurance Sector: Government issued Press Note 2(2021) dated 14.06.2021 to raise the permissible FDI limit from 49% to 74% in Insurance Companies under the automatic route and allow foreign ownership and control with safeguards. This will facilitate an increased flow of long-term capital, global technology, processes and international best practices, which will support the growth of India’s insurance sector.
  • Petroleum & Natural Gas sector: Press Note 3 (2021) dated 29.07.2021 has been issued to permit foreign investment up to 100% under the automatic route in cases where the Government has accorded an ‘in-principle’ approval for strategic disinvestment of a Public Sector Undertaking (PSU) engaged in the Petroleum and Natural Gas Sector.
  • Telecom sector: Press Note 4 (2021) dated 06.10.2021 has been issued to permit foreign investment up to 100% under automatic route in Telecom services sector.

7.         Intellectual Property Rights (IPR): Framework to attract foreign investors, disseminate creativity and encourage local innovators

  • An effective IPR framework is indispensable to attract foreign investors, disseminate creativity and encourage local innovators to invest in their own ideas. In this context, DPIIT is committed towards strengthening of the IP ecosystem in India. Major initiatives and steps taken during 2021 in this regard are given below:
  • Design (Amendment) Rules, 2021 notified in the Gazette of India on 25.01.2021 incentivize start-ups and small entities to seek protection of their designs and promote design filings, fees have been reduced on similar lines as under Patent and Trademark Rules.
  • Copyright (Amendment) Rules, 2021 notified on 30.03.2021, with the objective of bringing the existing rules in parity with other relevant legislations. It introduces a mandatory annual transparency report to be issued by Copyright Societies. It aims to ensure smooth and flawless compliance in the light of the technological advancement in digital era by adopting electronic means as primary mode of communication and working in the Copyright Office.
  • Patent (Amendment) Rules, 2021: Patent fees for educational institutions have been reduced by 80 percent by way of the Patents (Amendment) Rules, 2021, which came into effect on 21st September 2021. The amendment will provide the same level of support to educational institutions as MSMEs and start-ups and further ensure greater participation of the education institutions in IP ecosystem.

Since the adoption of the National IPR Policy, IP filing in India has witnessed a considerable amount of increase in filing. Despite the adverse Covid situation in India, no negative impact has been seen in the filing of the IPs. Further, the filing of application of Trademark and GI have drastically increased over the years.

8.         One District One Product (ODOP)

  • Government of India is working on a transformational initiative to foster balanced regional development across all districts of the country. This is called the One District One Product (ODOP) initiative, with the objective of identifying and promoting the production of unique products in each district in India that can be globally marketed. This will help realise the true potential of a district, fueling economic growth, generating employment and rural entrepreneurship. ODOP initiative is operationally merged with the ‘Districts as Export Hub’ initiative being implemented by DGFT, Department of Commerce with DPIIT as a major stakeholder to synergize the work undertaken by DGFT. The major activities that are being facilitated by DPIIT with Invest India under ODOP initiative are manufacturing, marketing, branding, internal trade and e-commerce.
  • Ongoing expansion exercise entailing expansion of list from Phase-1 that consisted of 106 products from 103 districts to current Phase-2 that would consist of 739+ products covering 739 districts. Considerable success has been achieved for boosting exports under ODOP initiative.

11.       Swachhata Campaign

  • During this special campaign, 49,686 files have been reviewed in DPIIT and its sub-organizations. Out of the reviewed files, 49,449 files have been weeded out. Due to weeding of files, 2222 sq ft area has been vacated/freed in DPIIT and its sub organizations. Due to disposal of redundant/obsolete items, 3277 sq feet of area has been vacated, which has improved cleanliness and hygiene conditions. Besides, revenue of Rs 5,60,000 has been generated.
  • The Department achieved 100% target in respect of public grievances by disposing of all 31 public grievances and 3 public grievances appeals. Further, out of 48 VIP reference, 29 cases have been disposed off. The Department had identified 194 rules/regulation for simplification under “Ease of Doing Business”. Out of these, 134 rules have been simplified.
  • Digitization of old files/records: Even before the special campaign, as per directions of the CIM digitization of old files/ records was undertaken on a priority basis. During the period, scanning/digitization of 12,387 files containing 19,53,666 pages have been completed and all the scanned files have been migrated to e-office for future reference. 
  • Increasing Efficiency decision making in the Government on direction of Cabinet Secretary and advice of DARPG, with the approval of the Competent Authority, DPIIT has revised the Channel of Submission & Level of disposal, for increasing efficiency in decision making and reducing the level up to 4 (maximum).  This will speed up the disposal of cases and improve decision making. 
  • Review by CIM: CIM has reviewed the special drive continuously during the campaign period. After completion of the Special Drive on 31.10.2021, CIM is reviewing progress of the Cleanliness Campaign on weekly basis. CIM is also undertaking frequent rounds of Udyog Bhawan to review the cleanliness of the premises. 

12.       Events organised by DPIIT during India’s presidency of BRICS in 2021:

  • The 13th BRICS Summit was held under India’s Chairship in 2021. It was the third time that India hosted the BRICS Summit after 2012 and 2016. The theme for India’s Chairship was ‘BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus’. During India’s presidency of BRICS, 4 events were organized by DPIIT on industry related issues namely- Industry Ministers Meeting, PartNIR Meeting (Partnership on New Industrial Revolution) to promote investment, industrialization, innovation, inclusiveness and digitization, 13th HIPO (Head of Intellectual Property Offices) meeting and Round Table of an interaction among the Trade and Investment agencies of BRICS. 

13        DPIIT has organised following events under Azadi ka Amrit Mahotsav (AKAM):   

  • Ministry of Commerce and Industry was allocated the week from 20.09.2021 to 26.09.2021. Accordingly, DPIIT has held various events during the ‘Udyog Saptah’ i.e. from 20th -26th September, 2021which was widely published by different platforms. Some of the events organized by DPIIT were: 
  1. Press Briefing addressed by Additional Secretary, DPIIT held on 21st September, 2021 on measures to ensure industrial safety in petroleum and explosives Sector as well as reducing cost of doing business and creating an enabling ecosystem for domestic as well as international investors.
  2. Soft launch of National Single Window System on 22nd September, 2021 by Shri Piyush Goyal, for providing end-to-end facilitation, support, including pre-investment advisory, information related to land banks and facilitating clearances at Central and State levels and bring Transparency, Accountability & Responsiveness in the ecosystem and all information will be available on a single dashboard. 
  3. Startup India had coordinated with various States/UTs to organize/participate in startup events consisting of diverse programs, launch of key initiatives, inaugural of startup summits, and launch of startup policies, etc during 21.09.2021 to 26.09.2021 with the aim to foster entrepreneurship on the ground. 
  1. Northeast Business Roundtable held on 23th September, 2021 in the presence of Minister of State Shri Som Parkash to showcase the business and investment opportunities and deliberations on the reforms implemented in the region. 
  1. National Workshop on Reducing Compliance Burden held on 28th September, 2021 in the presence of Hon’ble Union Minister Shri Piyush Goyal, Minister of State Shri Som Parkash and Smt. Anupriya Patel. More than 25,000 compliances have been reduced by Union Ministries, States & UTs so far. 
  1. Industrial Park Rating System Report 2.0 was launched by MoS (Commerce and Industry), Shri Som Parkash on 5th October, 2021. 
  1. PM Gati Shaki launched by Prime Minister Shri Narendra Modi on 13th October, 2021 for multi-modal connectivity.
  • Good Governance Week during 20-25th December, 2021: DPIIT has organized a National Workshop on the “Next Phase of Reforms for Reducing Compliance Burden” on 22nd December, 2021 to realize the nation’s goals of improving “Ease of living” and “Ease of doing business”. Hon’ble Commerce and Industry Minister Shri Piyush Goyal addressed the workshop. 
  • DPIIT will also be organising Innovation Ecosystem week (10th – 16th January, 2022): In the proposed event DPIIT will showcase efforts taken up for promotion of Unicorns and Start-ups. Event will be led by M/o Education.

 

*****

Five unique jobs no one told you about

If you ask any high school student or a graduate what is their career goal in life, you would get traditional answers like Engineer, Doctor, Lawyer, IAS, Banker etc. These are commonly known careers and as such have quite a large competition in the sector. The market is cut throat in these fields and very few manage to land the job of their dreams.

If you are passionate about these fields then more power to you but if not and you are still searching for your true calling then you can try your hands at these rare jobs not many are familiar with.

Headhunter

In other words professional recruiters, they are hired by organizations to hire employees without any advertisement. Finding a perfect candidate for a particular position is quite a hectic task so to save themselves time from interviewing multiple candidates, some companies prefer to hire a headhunter instead. This is mostly done to recruit higher level employees. It can be much more efficient for organizations to hire headhunters to cut down on the time and expense that goes into the recruiting process. To be successful in this field you need to have a strong professional network and a sharp eye for talent so you can shortlist the best available candidate for the job.

Art therapist

Did you know that art can be used as a form of therapy? Yes, this psychology career uses art to reduce person’s stress, anxiety and improve their self esteem. It’s main goal is to serve as a healing process and provide with many other mental health benefits. So, not only do you provide assistance to people in need, you are also doing something different. This can be useful for people who can’t express themselves verbally. If you are searching for interesting careers in psychology, then becoming an art therapist might fit the bill.

Professional Bridesmaid

You heard it right. Not many people think this could be a career option but it is and quite a successful one may I add. Now you may wonder why would anyone need a bridesmaid? Well answer is simple. Planning a wedding could be very tiresome for bride and her bridesmaids so hiring a professional bridesmaid can relieve them of that stress. As a professional bridesmaid your duty may involve Dress shopping, planning bachelorette party, managing guest list, catering, filling in for uneven number of bridal party. If you are a party planner and love weddings then this might just be a good opportunity for you.

Food scientists

Almost every edible item you consume has a good scientist working on it. They make sure that the food tastes delicious while maintaining the nutritional value of it. They are responsible for coming up with delicious flavors as well as different food processing techniques. They also come up with sustainable food items which can be used when the expenses increase every day.

Video game tester

If you are avid gamer you might as well get paid to play it. Tester’s role is to play the games which haven’t been released yet. Your job is to check every element of the game for the developer to make sure there are no glitches or errors.

Self-employment Vs Job Vs Profession- What to choose

The corporate world is not limited to jobs only. A person can go for a profession or get self employed as well. Of course, jobs are offered by companies who were once started by a person as a form of self employment/business.

We should never lower our standards or under-estimate ourselves during difficult situations and complexities. Only those who believe in themselves achieve big things so it is necessary that you identify yourself and follow the way of your life be it a job or profession or a business. Nothing is impossible.

Job

Everyone knows what a job is. There are more people applying for jobs than setting up own businesses. The enrollments are ever increasing but the positions are however, limited.

People apply for jobs since they provide a secured return and environment for growth. Incentives are provided over and above salaries and what to say about the government jobs! Most aspirants are found applying to the government jobs only, since they assure reliefs and pension to the employees besides good salary and incentives. Those who wish to play safe generally opt for jobs. However, people of identified and advanced capabilities also opt for jobs in big companies to earn high with their talent and knowledge not being wasted. There are a variety of jobs in a single field which supports individual interest along with providing a platform for skill enhancement and personality development. The working hours are usually fixed for a job and the work load often comes with stress and dissatisfaction at lower levels of operation of a business. Timely completion of work is a necessity when you work under the superiors. The tasks you are assigned with should be done accordingly. There are restrictions related to holidays as well.

Profession

When a person gets specialized in any specific field, he/she can join the profession. You lay your own rules and work according to your convenience while in a profession. This doesn’t mean that you can have free holidays and whatever salary you wish. It means that you have choice of work. A professional is valued and given certain discretions at work in respect of their achievement. A professional worker will always find a place suited to him/her by virtue of its demand and value in the corporate sector. There are opportunities for further growth as well. The more the professionalism, the higher it is valued.

Lawyers, doctors, CA and CS are some examples. Their pay is high; based on the experience and knowledge they hold. One has to do hard work and study to be a professional worker and earn good opportunities to work for.

Self-employed

A self employed person is who starts his own business/venture. It involves great risk for business. A doctor opening his clinic or a teacher starting his tuition classes also come under the category of self employed. A self employed person is his own master and has his own rules but which should be in accordance with laws of the land. It requires planning and execution abilities to start own business. It is not everyone’s cup of tea. You need to be an all-rounder to initiate a plan and manage the workings successfully. Earnings are surely good once everything settles and your costs get covered. Yes, investment is required for it and you must be creative to design a perfect strategy to tackle the competitions.

Based on the capability of a person, choices can be made between the above three. No work is less valued as you require to be hard working and a dedicated and determined person to handle the complexities in each of them. There is need for more dynamic and variety of businesses to start in order to meet the ever increasing demand for employment.

Content Writing As A Career

Over time content writing has evolved enormously in the market. Content writing as a career provides a tremendous opportunity. In today’s world, many big firms are hiring content writers exclusively to provide content solutions to clients. 

This brings us to the question that if content writing has such potential, What do I need to become a content writer? What are the career opportunities? Salary Expectation? Well, you will find all the answers needed in this article. 

What do you need to become a content writer?

While many of the companies prefer hiring an individual who has a degree in literature or journalism & mass communication, one with excellent writing and communication skills is also welcomed by the companies. In short, anyone with good writing and communication skills can apply for it. Also, thorough knowledge of the field you are writing about is always a plus point. 

What are the career opportunities?

Looking at the demand for content writers, it can be said that the demand will stay longer in the industry. Besides taking a job in a firm one can also become a freelance writer or a full-time blogger. Mentioned below are some of the different fields of content writing:-

I) Public Relations Writing: These days, most of the corporate hire in-house writers to write their newsletters, press releases, and bulletins.

II) Technical Writing: It mostly deals with literature like user manuals and do-it-yourself kits, etc.

III) Marketing Content: In this field, a writer should be able to attract customers through catchy headlines and slugs. As a marketing content writer, one needs to be creative to attract the attention of consumers and convince them. This type of writing includes brochures, fliers, etc.

IV) Web content: As websites need to update their content to stay fresh and relevant, they hire content writers. 

V) Others: Some of the other fields of content writing includes – health, lifestyle, financial, children’s writing, academic, copywriting, and fashion.

Salary Expectation

As an experienced freelance writer one can earn up to Rs 40-50 thousand in a month. And for the content writers working for a firm, the salary varies from company to company. The average starting salary for a content writer ranges from Rs 15,000 to Rs 20,000 per month. 

If you think you are made for writing then you should give content writing a short. 

Corporate Governance in Indian Companies

Introduction

Corporate Governance refers to the framework in a company comprising the generally accepted practices, policies and processes according to which the firm operates and is managed.

Corporate governance has become an essential component in the functioning of a company, and it has the potential of causing an improved or enhanced market performance. Corporate governance primarily focusses on creating transparency, accountability, and disclosure in the corporate environment. In other words, it promotes ethical practices in the company, allows for efficient communication of information, and proper allocation of responsibility. Another important function of corporate governance is to maintain a judicious balance between the interests of the stakeholders and board of directors. The board of directors are primarily responsible for the operational decisions and processes of the company, and it is imperative to outline their authority with respect to the stakeholders to ensure mutual cooperation and corporate success.

With regard to India, corporate governance has been on the up rise mainly due to globalization and liberalization. The SEBI had made the first ever regulations on corporate governance in 2000, based on the recommendations of the Kumar Mangalam Birla Committee Report and Narayan Murthy Committee Report. With the many national and multinational corporations coming up in India in the face of globalization, there was a need to introduce corporate governance so as to confront the competition that has arisen. Therefore, it is apparent that good corporate governance ensures mutual cooperation and protects the long-term interests of the shareholders. The question then arises whether good corporate governance is also proactively helping companies in their regular financial performance.

The Effects of Corporate Governance on Financial Performance

The financial performance of a firm indicates how successful it has been in its business, and whether it has been able to effectively use its assets in generating revenue. The role that corporate governance plays in benefiting financial performance of Indian companies has been studied extensively over the past years, and varying conclusions can be derived from these studies. The many variables and principles of corporate governance have been studied in the Indian corporate environment so as to ascertain their impact on financial performance. These can be consolidated as such:

  • Board Size: A study conducted by researchers Kathuria and Dash observed the influence of the Board size on financial performance of Indian companies. The results showed that performance improved when the size of the board increased, and that a smaller board of directors was generally not influential in financial growth. Corporate governance principles necessitate that the board of directors collaborate with the other corporate entities so as to ensure better performance.
  • Board Independence: An independent director is one who does not have any vested interest in the company, and works solely to improve the corporate position and credibility of the firm. They also play a large role in enforcing corporate governance standards. Numerous studies conducted with regard to board independence in the Indian context have showed that a larger proportion of independent board directors is associated with improved financial performance.
  • Board Meetings and Committees: As corporate governance principles require the company to maintain transparency and disclosure, conduction of regular board meetings is required. It has been found that Indian companies conducting regular board meetings has caused a better financial performance, as there is constant discussion of the company’s operations and decisions are made that positively impact the company.

Therefore, from the research conducted, it is evident that sound corporate governance and its implementation in Indian companies has the potential of positively impacting financial performance and growth. Some of the more general reasons why corporate governance is seen as a stimulant of financial growth are:

  • Increased access to financing
  • Higher firm valuation
  • Improvement in operational performance
  • Reduced risk of financial crises

Conclusion

Ultimately, it can be inferred that the impact of corporate governance on Indian companies has been known to be favourable for the most part. However, it is important to highlight an important point here. It cannot be concluded that corporate governance has a positive effect on all Indian companies, or for all companies in general. For some there may be an insignificant impact, while for others there might be no impact at all. However, for most companies in most industries, corporate governance implies support in the financial position. Factors mentioned in this paper such as board size, independency, composition, meetings and committees mostly seem to show a positive relationship with financial performance of Indian companies.

The primary goal with which corporate governance is introduced into a company is to increase transparency, disclosure and accountability, which subsequently gives way to other long-term benefits including financial stability and growth. Therefore, many Indian companies are increasingly looking to practice corporate governance. In conclusion, despite the fact that there is no consensus on whether corporate governance has an undeniable positive impact on financial and firm performance, it can be said that it helps the company in many facets regardless.

IS PAPERLESS OFFICE A REALITY OR NOT?

While going completely paperless might not be a reality as of now, but the changes that comes with the modern office are encouraging companies to do so.

PAPERLESS OFFICE:

A paperless office is a work environment in which the use of paper is eliminated or greatly reduced. it is done by converting paper and other documents into digital form. It is a workplace that has minimal paper-based processes.

BENEFITS OF PAPERLESS OFFICE:

There are many perks of paperless office. Some include

  • Strengthened Document Security & Confidentiality
  • It has easy access to data.
  • Eliminating paper work helps you save money spent on printing and storing documents.
  • Less paper waste means decreased carbon footprint.
  • Adhere to Audit Guideliness.

DISADVANTAGES OF PAPERLESS OFFICE:

As the proverb goes “A coin has 2 sides” likewise paperless office also has its own disadvantages

  • Software Maintenance is a huge problem.
  • Legal and Compliance Issues arises.
  • Difficulties in Digitalizing Existing Documents.
  • Security Risks and Viruses.

WHICH IS BETTER?

In case of paper office, paper documentation simply looks more professional. Paper office is that it doesn’t cost a whole lot of money and its much cheaper. Ultimately, it’s much easier to conduct business with a paper-filled office. In paperless office the amount of clutter that can be reduced. Sending big documents and leaflets to business clients can be done at the click of a button. Documents that may have been misplaced or lost entirely can be found with a quick search of the hard drive. Therefore both has its own side of story. To conclude which one is better is still a debate and also a matter of choice.

PAPERLESS OFFICE A REALITY OR NOT?

In this pandemic, paperless seems more likely and imperative. However road to a fully paperless office seems like a long one as of now but it is definitely possible in near future.

Jobs for the Future

There are two reasons why students are interested in sustainable management studies.

Photo by Magnetme on Pexels.com

Youngsters are now facing the impact of climate change themselves. Many of them have experienced-led disasters such as floods and cyclones, more than their previous generation did.

Second, there is growing awareness on the regulatory requirement and the investor’s demand, said Jagdish Ratnani, a Professor.

Nevertheless, the fact is that many jobs of the future will require hordes of managerial talent who understand ESG. Its a great career opportunity, Aditya Shelar, a student at IIM Lucknow, thinks that business in future will think beyond numbers and they would need people who under- stand a range of issues.

The transition to electric vehicles, higher solar power adoption, green practices in real-estate as well as carbon neutral policies will all require manpower that drive these shifts.

Environment and sustainability will have to be embedded in both corporate thought and actions. Its a requirement for branding, for raising funds, and to capture young and aware consumers. Institutions will increasingly adopt that in the classroom and beyond. It was said by Gopal Sarangi of TERI Institute of Advance Studies.

Photo by Angela Roma on Pexels.com

Some firms want to evaluate if their manpower is conscious about ethical business strategies. Some firms want to evaluate if their manpower is conscious about ethical sourcing, environment reservation, SGD goals like equality at workspace, the side effects of child labour and fair wage.

All this will fuel demand for more courses in B- Schools.

Reference

http://www.intershala.com

http://www.timesofindia.com

Jobs for the Future

There are two reasons why students are interested in sustainable management studies.

Photo by Magnetme on Pexels.com

Youngsters are now facing the impact of climate change themselves. Many of them have experienced-led disasters such as floods and cyclones, more than their previous generation did.

Second, there is growing awareness on the regulatory requirement and the investor’s demand, said Jagdish Ratnani, a Professor.

Nevertheless, the fact is that many jobs of the future will require hordes of managerial talent who understand ESG. Its a great career opportunity, Aditya Shelar, a student at IIM Lucknow, thinks that business in future will think beyond numbers and they would need people who under- stand a range of issues.

The transition to electric vehicles, higher solar power adoption, green practices in real-estate as well as carbon neutral policies will all require manpower that drive these shifts.

Environment and sustainability will have to be embedded in both corporate thought and actions. Its a requirement for branding, for raising funds, and to capture young and aware consumers. Institutions will increasingly adopt that in the classroom and beyond. It was said by Gopal Sarangi of TERI Institute of Advance Studies.

Photo by Angela Roma on Pexels.com

Some firms want to evaluate if their manpower is conscious about ethical business strategies. Some firms want to evaluate if their manpower is conscious about ethical sourcing, environment reservation, SGD goals like equality at workspace, the side effects of child labour and fair wage.

All this will fuel demand for more courses in B- Schools.

Reference

http://www.intershala.com

http://www.timesofindia.com

Skills of the Future

The new world order, brought on by the fourth Industrial Revolution, demands that today’s children acquire skills that will serve them well in the future.

Photo by Andrea Piacquadio on Pexels.com

The world we live in will change so fundamentally that students who come out of school by 2030 will make careers in fields that we have no idea about in the present.

As all of these trends happen, the winners will be those who are able to participate fully in innovation-driven ecosystems by providing new ideas, business models, products, and services, rather than those who can offer only low-skilled labor or ordinary capital, points out Klaus Schwab, founder and executive chairman of the World Economic Forum, in his seminal work, the Fourth Industrial Revolution.

This view is supported by other experts.

According to David Deming, associate professor of education and economics at Harvard University, Soft Skills like sharing and negotiating will be crucial. Modern workplace, where people move different roles and projects, closely resembles pre- school classrooms where we learn social skills such as empathy and cooperation. =

In effect, the skills and traits that must be inculcated in our children include : Social Intelligence

Photo by Polina Zimmerman on Pexels.com

This set of skill include empathy or the awareness of self and others perspective collaboration, negotiations and conflicts resolution, persuasive communication that can change minds and hearts.

A sense of service mindedness, trustworthiness and transparency.

Reference

http://www.timesofindia.com

http://www.wikipedia.com

INDIA OVER CHINA IN 2024 , IN OVERPOPULATION

Whether you are in a metro station, airport, railway station, road, highway, bus stop, hospital, shopping mall, market, temple, or even in a social/ religious gathering, we see all these places are overcrowded at any time of the day. This is a clear indication of overpopulation in the country. This is the major issue of , India is facing right now. Food production is limited & population is unlimited , we can say wants are unlimited & resources are limited & population is unlimited hence can be concluded that the reason behind poverty in India is over population.

Some of the common effects of overpopulation are :

  1. Unemployment : Every body knows India’s state of employment , employment rate is decreasing & unemployment rate is increasing . Since their is no employment people are starving , their is no living , literacy rate is also decreasing . This one problem of over population is bringing so many more problems with it .
  2. Manpower utilization: The number of jobless people is on the rise in India due to economic depression and slow business development and expansion activities.
  3. Pressure on infrastructure: Development of infrastructural facilities is unfortunately not keeping pace with the growth of population. The result is lack of transportation, communication, housing, education, healthcare etc. There has been an increase in the number of slums, overcrowded houses, traffic congestion etc.
  4. Resource utilization: resource are already scare , & they are being exploited . Land areas , water , trees are being exploited due to overpopulation .
  5. Inequitable income distribution: In the face of an increasing population, there is an unequal distribution of income and inequalities within the country widen.

STEPS TO CONTROL OVER POPULATION

Indian government should take bold steps to control overpopulation because if they want to improve economic growth they should control overpopulation . Major steps which have been already implemented but still need to be emphasized more control population. Increasing the welfare and status of women and girls, spread of education, increasing awareness for the use of contraceptives and family planning methods, sex education, encouraging male sterilization and spacing births, free distribution of contraceptives and condoms among the poor, encouraging female empowerment, more health care centers for the poor, to name a few, can play a major role in controlling the population. India’s growth in the whole world cannot be ignored , whether it is in science & technology , medicine , health , communication , entertainment , literature or military . So experts believe that if people of India will follow the strict population control norms , it will be able to overcome this problem too .

School vs Workspace

Our children must learn how to acquire knowledge that can be applied across domains and situations.

Photo by samer daboul on Pexels.com

Traditionally, schools and colleges have been cloistered enrollments where students only acquire knowledge. They then move to the next stage of their lives – into work places – where they may or may not apply the knowlege they have.

This separation has ensured that young people who join the work force have no idea about the exigencies of the work environment and are completely unprepared to deal with this situation.

However, future workplaces are likely to be far removes from conventional or current experiences.

In fact, it is estimated that most of tomorrow’s workforce may be contractual. In fact, already many large organizations are tapping into on-demand talent of the gig economy.

Increasingly, these new economy workers will be required to rely on their own knowledge and the skills to provide services and produce products that solve businesses’ and society’s pressing problems.

Photo by Burst on Pexels.com

Our children, therefore, must learn how to acquire relevant knowledge that can be applied in different domains and circumstances. They must discover the joy learning so that they can become learners for life as well as independent learners, capable of handling uncertainty with flexibility.

Schools must therefore re-engineer their systems, curricular and pedagogies to ensure that students have agency over their own learning and lives and learn to learn, unlearn and re-learn with agility.

Schools, therefore, must teach children to be entrepreneurs, expose them to real life work and social environments through projects and experiences so that they know how to tackle challenges that lie ahead and are capable of solving problems independently.

Reference

http://www.timesofindia.com

http://www.wilipedia.com

http://www.hindustantimes.com