<p>The system will be a single source of all information available on labour market and across the industry, trade, geography, timelines, skills and education segments among others. The public-private partnership initiative will see the system capture raw labour market data, analyse it into information and disseminate to target groups of stakeholders. It will be a key tool to garner the potential of expected labour force abudance. <br /><br />The idea is to harnes the collective pool of knowledge and skill in industry, find avenues of rightfully deploying the potential workforce across sectoral streams, thereby converting people into productive workforce. <br /><br />Per capita income<br /><br />Pointing out that India’s demographic dividend is expected to increase with population growing to 1.4 billion in 2026, sources said, 83 per cent of this increase is estimated to be in 15-59 age groups. If this dividend is harnessed by 2025, India will not only have 25 per cent of world’s total workforce, but the country’s per capita income will be US$4,100, currently hovering around US$1,000. This is seen rising to US$9,802 in 2040 and US$20,836 in 2050.<br /><br />The main goals include enhance labour force and occupational wage surveys, update existing national clssification of occupation, produce internationally-comparable labour market indicators and set up LMIS libraries. <br /><br />The stakeholders of LMIS would be government, employers, job seekers, educational and training institutions, industry associations and NGOs. Besides, it is planned to rope in intermediaries such as counselors, career facilitators, as integral part of comprehensive LMIS. Among countries wherein it currently exists and has been the catalyst for India-initiative include Australia, Canada, Jamaica, Europe, Singapore, UK and the states of California, Florida, Oregon, New York in the US. <br /></p>
<p>The system will be a single source of all information available on labour market and across the industry, trade, geography, timelines, skills and education segments among others. The public-private partnership initiative will see the system capture raw labour market data, analyse it into information and disseminate to target groups of stakeholders. It will be a key tool to garner the potential of expected labour force abudance. <br /><br />The idea is to harnes the collective pool of knowledge and skill in industry, find avenues of rightfully deploying the potential workforce across sectoral streams, thereby converting people into productive workforce. <br /><br />Per capita income<br /><br />Pointing out that India’s demographic dividend is expected to increase with population growing to 1.4 billion in 2026, sources said, 83 per cent of this increase is estimated to be in 15-59 age groups. If this dividend is harnessed by 2025, India will not only have 25 per cent of world’s total workforce, but the country’s per capita income will be US$4,100, currently hovering around US$1,000. This is seen rising to US$9,802 in 2040 and US$20,836 in 2050.<br /><br />The main goals include enhance labour force and occupational wage surveys, update existing national clssification of occupation, produce internationally-comparable labour market indicators and set up LMIS libraries. <br /><br />The stakeholders of LMIS would be government, employers, job seekers, educational and training institutions, industry associations and NGOs. Besides, it is planned to rope in intermediaries such as counselors, career facilitators, as integral part of comprehensive LMIS. Among countries wherein it currently exists and has been the catalyst for India-initiative include Australia, Canada, Jamaica, Europe, Singapore, UK and the states of California, Florida, Oregon, New York in the US. <br /></p>
