Greater use of high talent manpower is only one consequence of an increase in the rate of innovations in an economy. Other changes, such as increased capital investment both in industry and in supporting social and economic institutions are also necessary for progressive industrial growth. The manpower consequences of innovation follow from the belief that effective use of skilled human resources will play an increasingly critical role in permitting a high rate of economic progress, given the conditions already attained. The dynamics of economic growth brings about structural shifts in macro-economic variables such as income, consumption, and employment. Such shifts could be considered as growth indicators, constituting an integral part of the growth process. Skill obsolescence is an inevitable consequence of these structural shifts and technological changes. When an economy moves away from traditional sectors (Primary Sector) to modern industries, “yesterday’s skills becomes redundant today, and those of today become so tomorrow’ (Thakur, 1978, p.15). Even traditional sectors undergo rapid changes in technology of production and management. The success of such changes.to a large extent, depends on the supply of a skilled labour force, enriched by continuous training and retraining to cope with the changes in production and management techniques.