If leading companies from across industries can step forward to advance talent development, we could make the youth of today not only competitive, but also help in supporting long-term local sustainable development and addressing global demands.

But apart from reskilling and retooling engineers and graduates, there also needs to be an emphasis on catering to the large segment of India's youth who haven't had the opportunity to go to college. Equipping them with technology skills as well as the relevant hard and soft skills will help open a whole new world of development to them. An example of this can be seen in Paramjeet Singh, a foster child from Rani Datta Arya Vidyalaya situated in Darya Ganj in Delhi who was introduced to IT and data communications while studying at the institution.

He currently teaches the fundamentals of computer hardware and software as well as advanced concepts to students here.

Government also plays a critical role and would do well to support the growth of not just tier I but tier II cities by providing social, educational and physical infrastructure. Allocating for meaningful projects that would help enhance the pace of these developments and more collaboration with industry partnerships will ensure India's success as a knowledge economy

The time to act is now, if we can reorient our education system by various programmes, joint initiatives and other measures by industry and academia we can plug the talent gap. Training individuals for the jobs of the future will not only make a difference in their lives but will build a workforce with higher order skills thereby improving the climate for investment, give us a competitive edge, and generally maintain an engine of growth.

The author is Regional Manager - Corporate Responsibility, Cisco South Asia.