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Skill Development and Entrepreneurship development efforts across the country have been highly fragmented so far. Though India enjoys the demographic advantage of having the youngest workforce with an average age of 29 years in comparison with the advanced economies, as opposed to the developed countries, where the percentage of skilled workforce is between 60% and 90% of the total workforce, India records a low 5% of workforce (20-24 years) with formal employability skills. With the present education and skill levels of those already in the labour force being very low, it would be a major challenge for India to reap its demographic advantage. This challenge becomes enormous as the recent studies indicate that employers found just about 25% of Indian graduates are ‘employable’ in the organized sector. The informal sector which comprises 93% of the workforce has no skilling mechanism, as the skill development takes place on the job. So, there is a need for quick reorganization of the skill development ecosystem and the promotion of which is necessary to suit to the needs of the industry to ensure enhancement of life of the population. India would surely rise to be the Human Resource Capital of the world by appropriately skilling its youth bulge and convert its advantage into a dividend. Skill development initiatives will help actualize the inert potential, for which development and articulation of a national policy on skill development is already in progress.