India has emerged as the preferred destination for global capability centres due to availability of talented pool of young professionals, Ministry of Skill Development and Entrepreneurship has stated in a latest update. The ministry highlighted findings of India Skill Report and noted that as per the latest official estimates of Periodic Labour Force Survey (PLFS) conducted by the National Sample Survey (NSS) of Ministry of Statistics and Programme Implementation (PLFS), the unemployment rate on usual status for person of age 15 years and above has decreased from 6.0 percent in 2017-18 to 3.2 percent in 2023-24. As per PLFS 2023-24, 4.1 per cent of the person of age 15-59 years have received formal vocational/technical training, while another 30.6 per cent received training through informal sources.
Further, to promote India as preferred global source of skilled talent, Government of India has put in place institutional mechanisms, including the signing of bilateral MoUs /Agreements, Migration and Mobility Partnerships Agreements, Labour Mobility, and cooperation frameworks in Skill Development and Vocational Education & Training with various destination countries.
Migration and Mobility Partnership Agreements with Italy and Germany contain specific provisions for mutual recognition of qualifications and certifications. Further, the Ministry of Skill Development and Entrepreneurship (MSDE) has signed bilateral agreements with eight countries - Australia, Denmark, France, Germany, Japan, Qatar, Singapore and the UAE - which facilitate technical exchanges, collaborative training programmes, benchmarking of qualifications, mutual recognition, and sharing of best practices.