Posted by: pankaj@bansal September 21, 2023 in PR New Delhi, September 21, 2023 – The Federation of Indian Chambers of Commerce and Industry (FICCI) successfully concluded the second day of its 14th edition of the Global Skills Summit, centred around the theme “Building Skills. Empowering Youth. Creating Future.” The focal point of the day’s discussions revolved around the ‘Future of Work in AI,’ with notable contributions from industry leaders.The highlight of the event was a captivating address by Dr Jung Hwan (Paul) Lee, Founder & CEO of Mind AI, a prominent Korean company specialising in artificial intelligence. Dr Lee delivered an enlightening session on the ‘Future of Work in AI’ and unveiled insights into Korea’s National Strategy for Artificial Intelligence. During his speech, he emphasised the profound impact of AI on our future, stating, “AI is not just about enhancing efficiency; it will completely reshape the foundations of businesses and organizations across various sectors.”Dr Lee also provided valuable statistics on the growth of the AI market, forecasting a remarkable 37.3% Compound Annual Growth Rate (CAGR) from 2023 to 2030. He further highlighted exponential growth in specific AI sectors, with a 40.4% CAGR in Global Natural Language Processing, 23.6% in Global Conversational AI, and 39.3% in Global Robotic Process Automation. Furthermore, Dr Lee shed light on Mind AI, describing it as both a new class of AI and an extensive ecosystem.In the context of AI’s increasing importance, Dr Lee emphasized that businesses must adapt within the next 4-5 years or risk being left behind. The implementation of AI necessitates a higher demand for a broader set of skills, including digital proficiency, analytical capabilities, and critical thinking. He stated, “General and elementary knowledge of AI is becoming essential, often at a basic level, such as the ability to use a computer or smartphone. Analytical skills are gaining prominence as automation of routine tasks allows workers to tackle more complex assignments, requiring specialized knowledge, comprehension, and the application of innovative ideas.”As part of Korea’s National Strategy for Artificial Intelligence, Dr Lee outlined various policy initiatives. These include an AI convergence curriculum across different life cycles and job types, interchangeability between AI and other fields at the university level, AI basic literacy training in the military through M-MOOC, and collaboration between Coursera and K-MOOC to provide digital skill courses. Korea’s commitment to nurturing AI talent and boosting youth employment rates was evident, with policies introduced over the past two decades, the development of National Competency Standards (NCS) for vocational high schools, and the establishment of Meister High Schools targeting employment rates exceeding 90% by 2022. Additionally, the youth employment quotas were raised from 3% to 5%.Dr Lee concluded his session by introducing the innovative Mind AI, which transforms natural language inputs into internationally patented data structures referred to as “canonicals.” This transformation enables the Mind AI engine to make connections, perform logical operations, and generate intelligent responses.The FICCI’s 14th Global Skills Summit continues to be a platform for insightful discussions on the ever-evolving landscape of skills and technology, driving India’s workforce towards a future defined by innovation and adaptability.September 22, 2023September 22, 2023September 22, 2023September 22, 2023September 22, 2023September 22, 2023Comments are closed. About-Us   |    Contact-Us   |    Advertisement Price   |    Partnered-with   |    Success Story   |       

The Federation of Indian Chambers of Commerce and Industry (FICCI) began its 14th edition of its Global Skills Summit on Wednesday, which will conclude today, in New Delhi. The Summit was themed “Building Skills, Empowering Youth, Creating the Future.”Addressing the gathering here, Atul Kumar Tiwari, Secretary, Ministry of Skill Development and Entrepreneurship said that the time has come for India to set right its education, skilling and entrepreneurship ecosystem.“The next five years are very crucial for India where we will see all investments happening, operationalizing of the National Education Policy (NEP), and this is the time when need to create capacities in our young people to take the country forward and achieve the vision of becoming a developed country,” he added.He said, “In order to take people forward, we need systems, institutions and a new way of thinking. We need to work together to ensure that India has educated and skilled work force as that will be the foundation on which our dream of New India will be built.”Speaking on the recently launched PM Vishwakarma Yojna, he said that the most important part in this scheme is skilling. It is a need based, giving holistic solution right from identification to skilling and giving the concessional credits which is all part of the system.Meanwhile, Manoj Agrawal, Co-Chair, FICCI Skill Development Committee and Executive Advisor, Training Academy, Maruti Suzuki India Limited said both education and skilling should be application oriented and making the people employable.“Industries are eager to invest in training and development of their workforce to align with industry demands. ITI graduates are aligned with industry needs and starting their association with industry at an early age is the most effective way to nurture talent,” Agrawal added.Dr. Nirmaljeet Singh Kalsi, Chairperson, National Council of Vocational Education and Training (NCVET) said that skilling propelled and led by industry is the way forward.“Recognizing and comprehending the trajectory of Future of Work along with effective industry-academia collaboration will drive timely and effective growth of skill ecosystem,” Kalsi said.He further added that identifying and understanding the future of work in every sector with industry needs and trends is the way forward to industry-driven, high-quality skilling and education.During the event, Skill Financing in India – a report by KPMG was also released which emphasised that over-reliance on government funding has resulted in suboptimal outcomes in terms of the number and quality of trained individuals. Therefore, there is a pressing need to explore alternative financing models for skill development.The report was aimed at assessing the current state of skill financing in India, including the allocation and utilization of funds, funding sources, financing patterns, priority areas, bottlenecks, and emerging models. It also investigated the feasibility, scalability, and applicability of finance models, providing policy recommendations for a dynamic and evolving skill ecosystem. It also highlighted the challenges like limited government budgets, and poor fiscal position which often constrains the capacity to increase the budget dedicated to Technical and Vocational Education and Training (TVET).For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with youor Click here to Subscribe OnlineShare your email address to get latest update from the industry

You are here: Home > Sectors > OthersNew Delhi, Sept 21 (KNN) Over reliance on government funding has led to suboptimal results in both the quantity and quality of skilled individuals in India, a report released by FICCI-KPMG on Wednesday said.The report titled ‘Skill Financing in India’, highlighted the urgent need to explore alternative financing models for skill development, suggesting that the government's efforts could be augmented and sustained through partnerships with the private sector.The FICCI-KPMG report pointed to emerging trends in skill financing such as private equity and venture capital investment, working capital financing for training partners, Public-Private Partnership models, support from international organisations like the World Bank and Asian Development Bank, and crowdfunding platforms as particularly relevant to India's developmental landscape.“Such alternative models are deemed essential for maximising available resources, fostering effective collaboration with key stakeholders like corporates and industries, and boosting private sector involvement,” it said.As per reports, the National Skill Development Corporation (NSDC) has reportedly disbursed Rs 1,400 crore through equity and market debt to enhance skill training capacity. This has led to increased engagement from the private sector, especially concerning training delivery.The study also underlines the challenges such as constraints on government budgets, the need for inter-ministerial coordination, and limited private sector participation in funding vocational education.Moreover, it noted that private equity and venture capital investments have been less than encouraging due to issues like limited data availability, liquidity constraints, unclear performance metrics, and the lack of a well-defined exit strategy.  (KNN Bureau)New Delhi, Sept 21 (KNN) Over reliance on government funding has led to suboptimal results…New Delhi, Sept 21 (KNN) India intends to provide incentives totalling Rs 18,000 crore…New Delhi, Sept 21 (KNN) IN-SPACe, the Indian National Space Promotion and Authorisation Centre,…New Delhi, Sept 20 (KNN) Tribal Cooperative Marketing Development Federation of India Ltd. (TRIFED)…New Delhi, Sept 20 (KNN) The union government may soon make minor changes in…Your email address will not be published.Required fields are marked * Nicknames:* E-mail address:* Your website: Comment: