How apprenticeships deliver local economic growth

The contributing power of SMEs forms the backbone of most economies. Case in point-  the German ‘Mittelstand’ of SMEs make up 70% of all jobs and 90% of all apprenticeships, generating 35% of total corporate turnover which in GDP contribution terms translates to nearly 55%.

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SMEs are the ‘local’ experts- with in-depth knowledge of local sectors, skill gaps and employment challenges. They hold enormous opportunities for skills-based employment generation, especially in the area of apprenticeships. India is home to some 76 million small scale firms where the average employment is less than six people.

FICCI President Sandip Somany, in how the Apprentice Act can be made more SME-friendly expounds that if the Act were to allow hiring even one apprentice, and let’s say half the firms take on one apprentice each, this translates into 40 million new jobs…Read more

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