New Delhi, Dec 6 (KNN) There is an exceptional surge of 75% in apprenticeship opportunities across India which marks a 9% growth over the January-March, 2023 quarter, revealed by TeamLease Degree Apprenticeship Outlook Report.

According to the report, the Net Apprenticeship Outlook (NAO), a crucial indicator of employer sentiment, has reached an all-time high, signalling a remarkable 75% increase in employer intent for apprenticeship engagement during the upcoming October-March 2023-24 half-year.

NAO has seen significant Year-Over-Year (YOY) growth, rising from 41% in January-June, 2021 to 56% in January-June, 2022 and further to 66% in January-March, 2023. The NAO has now reached an astounding 75% for the October-March, 2023–24 period.

This Compound Annual Growth Rate (CAGR) of nearly 30% reflects how organisations perceive apprenticeships as a pivotal talent development strategy, driving skill enhancement, workforce development and talent pipeline creation, the release mentioned.

The HY1 April-September, 2023 and HY2 October, 2023 to March, 2024 Apprenticeship Outlook Report highlights a compelling landscape, with Engineering and Industrial (96%), Electrical and Electronics (94%), Telecom (93%) and Ecom and Tech products (90%) leading as the sectors with the highest Net Apprenticeship Outlook (NAO).

Notably, these industries, along with five others, have witnessed a significant increase in NAO during the October-March, 2023-24 half-year compared to the preceding quarter. This trend indicates robust growth prospects for apprenticeships, affirming their pivotal role in shaping the workforce of the future, as per the release.

“The primary reasons driving the growth are real-time skill availability, cost effectiveness, and driving community engagement under CSR. Also, initiatives from the government such as PLI and Make in India are driving the employment opportunities for which employers are relying on apprenticeships to build a talent pipeline. 63% of employers have reported satisfactory performances of the apprentices, which is encouraging for employers to scale up the intake,” Sumit Kumar, chief business officer, TeamLease Degree Apprenticeship, said.

The Apprenticeship Outlook Report reveals a pivotal insight—41% of employers believe that degree apprenticeships are a formidable strategy to effectively address the skill gap through seamless industry-academia collaboration.

(KNN Bureau)