Skill development is one of the primary focuses of present NDA Government, for which there has been continuous calls and initiatives by the government. India as a developing country is facing certain social challenges mainly poverty, hunger, unemployment and inequalities. On the other hand, India is country with full of young youths. Therefore, skill development getting priority to enhance the employability of the young youth and to minimising the social challenges.

Commerce as an applied stream covering wide range of subjects provides ample scope for skill development. This paper has identified and discussed the various areas for skill development such as accounting skill, reporting skill, tax planning and management skill, investment management skill, research skill, entrepreneurial skill, administrative skill, teaching skill, marketing skill, banking skill etc. This paper is also discussed the ways and means for skill development in the field of commerce education. It is expected that if initiative are taken to develop various skill in the light of discussion of this paper among the commerce student, it will enhance the employability and will bring the social change cum economic development.

KEY WORDS: Skill, Skill Development, Scope of skill, Social Challenges, Ways and Means