India’s economic growth and rapid digitisation have led to an unprecedented demand for skilled workers across various sectors. However, the country’s formal workforce faces a significant skills gap.
This issue extends beyond the IT/ITeS [information technology/information technology-enabled services] sector and affects industries like BFSI [banking, financial services and insurance], FMCG [fast-moving consumer goods], e-commerce, manufacturing and automotive.
Confederation of Indian Industry (CII) estimates that the total workforce in the organised sector is at about 50mn and the shortfall at 15%.
The country is currently experiencing an alarming shortage of 150mn skilled workers, up from 138mn three years ago. A subset of this demand for skilled workers is for 30mn workers who have cutting-edge digital skills—50% of the current workforce itself needs to get re-skilled.
Struggle to Fill Positions
The IT/ITeS sector has been the backbone of India’s economic growth. Many companies in the IT/ITeS industries have consistently announced plans to hire thousands of employees annually.
For instance, one large IT services company planned to hire 40,000 freshers in financial year 2023–24, while another targeted over 20,000 hires. However, despite the demand, these companies faced a shortage of adequately skilled candidates.
The skills gap in the IT/ITeS sector is multifaceted. While technical skills like programming, data analytics and cybersecurity are in high demand, there is also a need for soft skills such as communication, problem-solving and adaptability.
هذه القصة مأخوذة من طبعة September 2024 من Outlook Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة September 2024 من Outlook Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
The New Imperialism
The EU has approved a new environmental regulation that will impact global value chains. Small businesses will have to bear the brunt
VISION FOR THE INDIA OF 2047
In India@100, Krishnamurthy Subramanian argues that India can be a 55trn economy by 2047 if it doubles down on the economic policies implemented in the last decade to grow at 8% annually. Although middle-income trap has plagued many developing countries in the past, he is convinced that India is well-equipped to avoid obstacles in its growth odyssey
BUSINESS MINT: CELEBRATING EXCELLENCE, ONE AWARD AT A TIME
Ensuring that Firms and Entrepreneurs Receive the Recognition they Deserve since 2018
DR. PAVANI KADIYALA: DRIVING INNOVATION AND TECHNOLOGICAL ADVANCEMENT IN EMERGING INDUSTRIES
Celebrating Dr. Pavani Kadiyala's Accolades and Contributions to Emerging Technologies
INSPIRING EXCELLENCE: THE JOURNEY OF NALANDA EDUCATIONAL INSTITUTIONS:
Honoring the Vision of Sri Manthena Suryanarayana Raju Through Innovation and Holistic Development
THE RISE OF VARUN REALTORS
Leading the Charge: Varun Kaliga Named Emerging Real Estate Influencer of the Year for Innovative Impact
R.C. RATUL: BRIDGING THE WORLDS OF ENTERTAINMENT AND REAL ESTATE
The Visionary Behind the Convergence of Entertainment and Real Estate
CYBERABAD BUILDERS ASSOCIATION: LEADING THE CHARGE IN SHAPING
Recognized as the Emerging Builders Association of the Year 2024,’ CBA is setting new benchmarks in real estate and construction excellence in the heart of Hyderabad.
FROM PAPERBOY TO POWERHOUSE: THE INSPIRATIONAL JOURNEY OF VENU KALYAN
Celebrated with the Most Admired Real Estate Sales Coach of the Year 2024’ Award for Transformative Impact and Innovative Coaching
OUTLINE MEDIA: SHAPING TOMORROW'S BRANDING AND ADVERTISING TODAY
Redefining Branding and Advertising