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These measures embrace lowering the tenure of apprenticeship from six months to a few months, elevating stipend subsidy for MSMEs to 50% from 25%, doling out tax incentives to MSMEs for hiring apprentices and roping within the personal sector for offering manpower to MSMEs that usually face employees scarcity, a senior authorities official, conscious of the deliberations, instructed ET.
Relying on the fiscal burden on the exchequer, the federal government may both tweak the present apprenticeship schemes or draft a brand new scheme devoted to MSMEs, which account for 38.4% of the entire manufacturing output and contribute 45.03% of the nation’s whole exports. The federal government has held a number of rounds of discussions with the trade and is anticipated to unveil the roadmap for hiring of apprentices by MSMEs by the center of this 12 months.
India has an estimated 64 million MSMEs using 23% of the nation’s labour drive, or 110 million employees, and contributing 27% to the nation’s GDP.
Sumit Kumar, chief technique officer at TeamLease Diploma Apprenticeship, mentioned there’s a want for a tripartite engagement between trade, academia and the personal sector to spice up apprenticeship coaching in India.
“The trade chambers and staffing corporations can work as third-party aggregators to deploy apprentices with MSMEs throughout the nation,” he mentioned, including it should give a big push to apprenticeship coaching in India, which shall be in sync with the nation’s financial development and aspirations to be a developed nation by 2047.
