Detailed Explanation:

Demographic dividend refers to economic growth potential when the working-age population (15-64 years) exceeds the non-working-age population.

Promoting skill development is essential to transform this large workforce into productive and employable human capital. Without adequate technical and vocational skills, a large working-age population leads to unemployment and social instability rather than economic growth. Social security schemes provide safety nets but don't directly enhance productivity. Reducing infant mortality affects future demographics, not current workforce quality. Privatization of higher education alone doesn't ensure skill-based employability across all economic sectors.