ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -It helps to increase your productivity. Because they are highly qualified and experienced, skilled individuals can help your business become more productive. Whereas more training for unskilled workers may be necessary, this somehow takes more time and money to upskill them.

Detailed explanation-2: -The development of skills can contribute to structural transformation and economic growth by enhancing employability and labor productivity and helping countries to become more competitive.

Detailed explanation-3: -In other words, economic growth should result from a suitable combination of employment growth and productivity growth. It implies that employment oriented growth in a country like India would have, of necessity, to be at a high rate.

Detailed explanation-4: -Fundamentally, skill development is the time one invests in to improve their proficiency and to stay future-ready, any agilities that one follows as a passion, and the ability to complete a task with higher rates of success at the right time.