Page 64 - IMDR - Journal of Management Development and Research - March2019-20

What is Upskilling?

Upskilling is skill enhancement program wherein the employee is made effective

and efficient without necessarily changing their existing job profile. An easier
example of upskilling is- Learning digital marketing concepts by a traditional

Marketing professional. Unlike reskilling, which requires an individual to earn a
completely new degree or certification, upskilling requires an employee to enhance

their value to the organization by improving their current skill set.

Existing Market of Indian SMEs

To communicate the importance of the SME sector on overall Indian economy, I’m
going to share with you some key SME statistics, trends and reports. See for

yourself what the numbers convey:
Number of SMEs in India: The number is estimated to be at 42.50 million,

registered & unregistered together. A staggering 95% of the total industrial

units in the country.
SME & Employment opportunity: Employs about 106 million, 40% of

India’s workforce. Next only to the agricultural sector.
Products: produces more than 6000 products.

GDP Contribution: Currently around 6.11% of the manufacturing GDP

and 24.63% of Service sector GDP.
SME Output: 45% of the total Indian manufacturing output.

SME Exports: 40% of the total exports.
Bank Lending: Accounts for 16% of bank lending.

Fixed Assets: Current fixed assets at INR 1,471,912.94 crore.
SME Growth Rate: Has maintained an average growth rate of over 10%.

Sources: msme.gov.in/KPMG/CRISIL/CII.

Apart from this, according to a recent McKinsey Global Institute report, more than

375 million workers may need to completely change their skill sets by the year
2030, with the arrival of digitization, Artificial intelligence and big data. With the

emerging trend of technology shift, its apparent that reskilling and upskilling will
take driver seat in once career boost. Under this scenario, the job trend of mega

markets will also impact the small and medium enterprise too. The SMEs has to

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