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Investments from both the government and businesses in India towards skill development initiatives are propelling the ascent of degree apprenticeship programs. This strategic alignment underscores a shift towards prioritizing practical, on-the-job training alongside academic education, indicating the mainstream emergence of degree apprenticeships.

With only 50% of graduates possessing the required skills, businesses are compelled to recalibrate their talent strategies.  About 81% of employers have already reported difficulty in skilled manpower.

Skill shortage is a key challenge for employers in multiple industries.

Recent data suggests that the IT & BPM industry in India is projected to face a skill shortage of 3.85 million by 2027. Similarly, in the BFSI sector, the current shortage of about 500,000 skilled professionals is expected to escalate to 1.5 million by 2026.

Amidst concerns of an impending talent shortage, apprenticeships are gaining traction as a pragmatic solution. Recent research indicates a staggering 87% of employers expressing keenness to bolster their engagement with apprenticeship programs.

So, what role do Degree Apprenticeships play in this evolving landscape?

Degree Apprenticeship programs offer a symbiotic blend of theoretical acumen and practical proficiency, effectively bridging the gap between academic theory and industry requisites. In India's challenging job market, where both employers and job seekers grapple with mismatched skillsets, these work-based learning initiatives emerge as transformative enablers. They not only enhance the employability of the youth but also equip businesses with a workforce tailored for the future.

In a recent interview with BizzBuzzNews, CEO Ramesh Alluri Reddy underscored the seismic shift underway in the realm of learning and development. He said that this transformation is spurred by the imperatives of the digital economy, evolving job landscapes and the aspirations of the younger generation.

Ramesh emphasized the imminent advancement of Degree Apprenticeships, buoyed by recent policy initiatives promoting skill development. With a discernible shift towards experiential and practical learning alongside traditional academic routes, degree apprenticeship programs are poised for widespread acceptance.

For more insights from Ramesh on the growing acceptance of Degree Apprenticeships, read the BiggBuzzNews article