Podcast Beta
Questions and Answers
What is one main effect of innovation on businesses?
Which of the following is a characteristic of technological innovation?
What challenge does innovation often face in organizations?
How can technological innovation be categorized?
Signup and view all the answers
What does the innovation of the iPhone exemplify?
Signup and view all the answers
What is the primary aim of the Ministry of Skill Development and Entrepreneurship?
Signup and view all the answers
According to the Man Group's report, what percentage of companies in India report a shortage of talent employees?
Signup and view all the answers
What educational requirement is mentioned as less effective in securing jobs compared to a shorter training period?
Signup and view all the answers
What specific skill area shows the lowest percentage of qualified engineers in India?
Signup and view all the answers
How does the skill development of Indian engineers compare to global counterparts?
Signup and view all the answers
Study Notes
Radical innovation
- Birth of new industries and revolutionary technology
- Examples of radical innovation: wheel, modern farming equipment, washing machine
Importance of Innovation
- Solves problems
- Adapts to change
- Keeps businesses relevant
- Enables globalization
- Helps organizations compete
Challenges of innovation
- Technological failures
- Financial burden
- Innovative products have long-term returns
- Market failure
- Lack of structural and financial capacity
Technology
- Application of knowledge to produce and market goods and services
- Advances business through technical knowledge
- Technological innovations lead to new products, services, and businesses
Features of Technological Innovation
- Creates new ideas based on technology, capability, or knowledge
- Develops ideas into reality
- Implements new ideas
Apple I-Phone
- An example of innovation because it uses existing technology and improves upon it
Business Innovation
- Classified by market and technology
Skill
- Ability and capacity acquired through effort
- Involves cognitive, technical, and interpersonal skills
Skill Gap
- Companies in India face a shortage of talent, especially in IT, engineering, and sales
- 63% of companies report a shortage of skilled employees
- Only 2.5% of engineers in India have Artificial Intelligence skills
- Only 5.5% of engineers in India have basic programming abilities
- Only 1.5% of engineers in India are fit for new-age jobs
- India has a significantly smaller skilled workforce percentage compared to other countries like China, UK, Japan, Germany, South Korea
India's Skill Gap Challenges
- High school dropout rates
- Lack of formal vocational education
- Limited capacity for skill training
- Shortage of skilled trainers
Skilled Workforce Demand
- Construction and real estate
- Mining
- Steel industry
- Medical and Para-medical
- Pharmaceuticals
- Electrical and chemical
- Oil and Gas
Skill India
- Focuses on vocational education
- Aims to remove the disconnect between the demand and supply of skilled manpower
- Builds new skills and innovative thinking for existing and future jobs
Skill Development Initiatives
- NSDC (National Skill Development Corporation)
- SSC (Sector Skill Councils)
- NSDA-NOS, QPs (National Skill Development Agency)-(National Occupational Standards), (Qualification Pack)
- NSQF (NVEQF & NVQF), 10 levels, KSA, ( National Skills Qualification Framework),(National Vocational Education Qualifications Framework)
- ITI: Industrial Training Institute
- SSDMs (State Skill Development Missions )
- DSCs(district skill development committee)
National Skill Development Corporation India (NSDC)
- Public Private Partnership Company established in 2008
- Funds vocational training institutions
- Creates support systems for skills development
- Trained over 5.2 million students
- Created 235 private sector partnerships and 38 Sector Skill Councils
- Collaborative on GST training with ICSI
Sector Skill Councils (SSC)
- Autonomous bodies
- Initial funding provided by NSDC
- Identify skill development needs
- Develop sector skill development plans
- Maintain skill inventories
- Determine, notify, and validate skills based on the NSQF
National Skill Development Agency (NSDA)
- Anchors the National Skill Qualifications Framework and quality assurance mechanisms
State Skill Development Missions (SSDM)
- Established to provide inter-sectoral coordination
- Chaired by the Chief Minister
Other Skill Development Initiatives
- Skill training with stipends
- Skill Card and easy loans
- Tie-up with defense sector
- Tie-up with Indian Railways
- Awareness programs like skill Yatras
- Various skill development projects like PMKVY
Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
- Launched in 2015 with an outlay of Rs. 1,500 crore
- Aims to train 24 lakh Indians
Key Characteristics of PMKVY
- Focus on first time entrants to the labor market and class 10 and 12 drop outs
- Training based on the National Skill Qualification Framework (NSQF) and industry-led standards
- Skill gap studies conducted by the NSDC
- Training includes soft skills, personal grooming, behavioral change, cleanliness, and good work ethics
Skill Loan Scheme
- Launched to support youth pursuing skill training programs
- Replaced the earlier Indian Banks Association (IBA) Model Loan Scheme
- Available to students in ITIs, polytechnics, schools, colleges, and NSDC, SSC, SSDM affiliated training partners
- Repayment period of 3 to 7 years
- Does not discriminate against women
Skill India Campaign
- Launched on 15th July 2015
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Explore the concept of radical innovation and its significance in creating new industries and technologies. This quiz covers examples, challenges, and the role of technology in fostering innovation, along with the impact of innovative products on businesses and globalization.
