The comparable level for India is less than 15 per cent. Expenditure on research and development (R&D) in the developed countries is in the range of 2 to 3 per cent of GDP on an average, which is just 0.8 per cent in India. This probably explains the gap between employment and employability in our country.
How to bridge this gap is the challenge for the voice of tomorrow. The skill gap will become increasingly costly for the economy.