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In the near future ,India will be the largest individual contributor to the global demographic transition. A 2011 International Monetary Fund Working Paper found that substantial portion of the growth experienced by India since the 1980s is attributable to the country’s age structure and changing demographics. The U.S. Census Bureau predicts that India will surpass China as the world’s largest country by 2025, with a large proportion of those in the working age category. Over the next two decades the continuing demographic dividend in India could add about two percentage points per annum to India’s per capita GDP growth. As per Population Reference Bureau, India’s population in 2050 is projected to be 1.692 billion people. During the course of the demographic dividend, there are four mechanisms through which the benefits are delivered : The first is the increased labor supply . However, the magnitude of the benefit appears to be dependent on the ability of the economy to absorb and productively employ the extra workers rather than be a pure demographic gift. The second mechanism is the increase in savings. As the number dependents decreases individuals can save more. This increase in national savings rates increases the stock of capital in developing countries already facing shortages of capital and leads to higher productivity as the accumulated capital is invested. The third mechanism is human capital. Decreases in fertility rates in healthier women and fewer economic pressures at home. This also allows parents to invest more resources per child, leading to better health and educational outcomes. The fourth mechanism for growth is the increasing domestic demand brought about by the increasing GDP per capita and the decreasing dependency ratio. In line with this vision National Skill Development Corporation (NSDC) was established in 2008/09 under PM’s National Council on Skill Development with the primary mandate of enhancing, supplying and coordinating industry’s initiatives for development of skills required by them through setting up of Sector Specific Skill Councils.
Capital Goods Council (CGSC) WAS formed in June ,2013 post NSDC APPROVAL IN October, 2012 as registered society. CGSC headed by Mr. K. Venkataramanan, Chairman is a joint initiative of FICCI and Dept. of Heavy Industries ,GOI. Mr. Inder S Gahlaut is the CEO of CGSC and lead member organizations are :
To build a World Class Skill Council meeting diverse skill requirements of the Capital goods sector, enhancing employ- ability and opportunities, both locally and Globally.
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