Kohima, India — The board of Axis Bank recently visited the Capt N. Kenguruse Centre in Nagaland, underscoring the bank’s commitment to skill development and youth empowerment in the region. This initiative aligns with India’s broader goals of enhancing employability among young professionals and addressing the skills gap in various industries.

The Capt N. Kenguruse Centre serves as a hub for skill-building programs, providing training in areas such as hospitality, information technology, and entrepreneurship. Established with the vision of fostering local talent, the centre aims to equip young people with the necessary skills to thrive in a competitive job market. During the visit, Axis Bank officials engaged with trainees, highlighting the importance of practical skills and real-world experience in today’s workforce.

In recent years, India has faced significant challenges related to youth unemployment. According to the Centre for Monitoring Indian Economy, the unemployment rate in India stood at 8.3% as of September 2023, with youth unemployment significantly higher at around 23%^[1]. This situation has led many organizations, including Axis Bank, to invest in skill development programs aimed at bridging the gap between education and employment.

Axis Bank’s focus on skill development is part of its broader corporate social responsibility (CSR) strategy. The bank has committed to investing ₹500 crore (approximately $60 million) in various social initiatives over the next five years, with a significant portion allocated to education and skill training^[2]. This financial commitment reflects the bank’s recognition of the critical role that skilled youth play in driving economic growth.

This situation has led many organizations, including Axis Bank, to invest in skill development programs aimed at bridging the gap between education and employment.

During the visit, Axis Bank’s board members emphasized their dedication to fostering partnerships with local educational institutions and organizations. Such collaborations are essential for creating relevant training programs that meet the needs of both the job market and aspiring professionals. This approach not only enhances the employability of graduates but also supports local economies by producing a skilled workforce that can contribute to various sectors.

Moreover, the Capt N. Kenguruse Centre is strategically positioned to leverage the unique cultural and economic landscape of Nagaland. By focusing on areas like hospitality and tourism, which are vital to the region’s economy, the centre aims to attract investments and create job opportunities. Axis Bank’s involvement provides not only funding but also valuable industry insights that can shape the curriculum and training modules offered at the centre.

As the Indian economy continues to recover post-pandemic, the demand for skilled labor is expected to rise. According to a report by the National Skill Development Corporation, India will need to create over 100 million jobs by 2025 to accommodate its growing workforce^[3]. Initiatives like those of Axis Bank are crucial in meeting this demand and ensuring that young people are prepared for the future of work.

In addition to skill development, Axis Bank is also focusing on financial literacy programs aimed at empowering young entrepreneurs. By providing access to financial services and education, the bank hopes to cultivate a generation of self-sufficient individuals who can contribute to the economy in meaningful ways. This dual approach — skill development and financial empowerment — represents a comprehensive strategy to tackle the challenges of youth unemployment.

The efforts of Axis Bank at the Capt N. Kenguruse Centre exemplify a growing trend among corporations to invest in human capital. As businesses recognize the value of a skilled workforce, more are likely to engage in similar initiatives. This trend could lead to a significant transformation in how young professionals are prepared for the workforce, potentially reducing unemployment rates and fostering economic growth.

According to a report by the National Skill Development Corporation, India will need to create over 100 million jobs by 2025 to accommodate its growing workforce[3].

Looking ahead, the partnership between Axis Bank and the Capt N. Kenguruse Centre sets a precedent for how corporate involvement can enhance skill development efforts in regions that need it most. As more companies embrace their role in education and skill training, the future of work may become more accessible for young professionals, paving the way for a more robust economy.