India – Nearly 37% of workforce will be in jobs demanding different skill sets by 2022

By memberservices@staffingindustry.com (Danny Romero)

By 2022, nearly 37% of India’s workforce would be in jobs demanding radically different skill sets, according to a report from the Federation of Indian Chambers of Commerce & Industry (Ficci) and India-based Nasscom (National Association of Software and Services Companies).

The report, ‘Future of Skills and Jobs in India’, also states that 9% of the workforce would be deployed in new jobs that do not exist today. The report highlights the impact that various primary forces such as globalization, demographics, and Industry 4.0/exponential technologies, are expected to have on the key sectors of the economy. It also provides an overview of the job creation rates across various sectors and the new jobs that will emerge in the next few years.

According to the report, in India, the future of jobs in 2022 will be determined by the country’s response to 12 megatrends which includes:

under globalization,

the level of exports,

rapid adoption of exponential technologies,

increasing/shrinking overseas job market for Indian workforce and level of FDI flows

under adoption of exponential technologies by Indian companies,

evolution of products/services into smart connected products and services,

acceleration of the optimization of industry value chains,

business innovation,

demand for a resourceful planet and sustainability and new work arrangements, –

rising size of the middle-class,

high proportion of young population including millennials, and

increasing urbanization.

Furthermore, in the organized IT/BPM sector, 60-65% of the workforce would be deployed in jobs that have radically changed skill sets (projected for 2020) and similarly in automotive sector, 50-55% of the workforce would be deployed in jobs that have radically changed skill sets, also projected by 2020.

Mohandas Pai, Chairman, FICCI Skill Development Committee & Chairman Manipal Global Education, stated that there was an urgent need to collate and analyze data to understand in which sectors jobs were being created, what were the skills that were needed by industries and employers, and how productivity could be enhanced with re-skilling of workforce.

“Today, there is pressing need to incentivize industries that are manpower intensive and have high employment elasticity,” Arunkumar Pillai, Partner, Skill Development, Government and Public Sector, EY (Ernst and Young), said. “Leveraging the window available in the next three years will enable the Government to undertake large scale reforms in the education and training sector to ensure that the supply of an Industry 4.0 compliant workforce is readily available.

For more on industry 4.0, click here.

Source:: India – Nearly 37% of workforce will be in jobs demanding different skill sets by 2022