Like the other BRIC countries, India’s economy is growing rapidly and is expected to grow for the foreseeable future. The transition to a free market economy in the last twenty years has posed some challenges as well as opportunities. In terms of the corporate training space, there are some unique opportunities that can work to both improve the workforce and boost the strength of the economy. The biggest challenge is that Indian industries are growing faster than the skilled workforce needed to support them.
Jobs are available…
India has a population of over 1.2 billion. Despite the large population, there is no shortage of jobs. Jobs are being created every day. The top five sectors currently hiring in India include IT, Telecom, Healthcare, Infrastructure, and Retail (Source: 5 Sectors on a Hiring Spree).
Additionally, some of the largest multinational companies in the world have been setting up shop in India. These companies are large employers with a significant investment in the country.
…But workers do not have the training
Despite the number of jobs being created, 90% of the Indian workforce is inadequately trained. While much of the reason for such a high number is due to the fact that culturally, Indian education is rote learning rather than teaching soft skills, and vocational skills are simply not being taught. The result is that graduates lack the necessary vocational skills required to get a job in most fields. (Source: “Why is young India under skilled?”)
Whenever there is a boom in employment, it naturally follows that there will also be a demand for workforce training. This sets the stage for plenty of opportunities for the corporate training sector. An increase in skilled workers is absolutely necessary for the continued growth and success of India’s economy.