India has become one of the economies in the world with the quickest growth because to its journey toward economic reform. India's biggest advantage is its sizable and expanding population, which has the potential to double GDP and push the country into the developed economies during the next ten years. All of this would be possible if a billion people could be made into a useful workforce.
India has been repeating the demographic slogan for more than five years, but little actual progress has been made. Because possibilities sometimes bring with them obstacles. There is a huge need for knowledge workers in the services industry. Employability issues are pervasive. The enormous labour force in India has proven resistant to change. More than 90% of the workforce is undertrained.
A skilled workforce is required for the growing number of jobs, many of which are in the sunrise sub-sectors. We must recognise fresh possibilities and get the supply side ready. Let's take a brief look at five current industries that should do well for us in the future in terms of job creation and business expansion.
1. INFORMATION TECHNOLOGY
For a long time, India's IT industry has been its bright spot. The sector has made a significant contribution to transforming India's reputation from a slowly emerging economy to a major participant in the provision of top-notch technological solutions. IBEF (India Brand Equity Foundation) statistics indicate that the Indian IT sector is expected to reach $225 billion by 2020.
Global employers line up positions at IIM-Bangalore
By 2020, the Indian IT workforce is expected to reach 30 million, making it the largest sector employer, according to industry analysts and NASSCOM. This will go along with a consistent wage raise in a field that currently pays well. The outsourcing sector is also turning to India and is anticipated to reach $2.5 billion in the following 24 months.
2. TELECOM
The telecom narrative in India is improving steadily. With a 15% smart phone penetration rate, Zinnov believes that India now has close to 850 million mobile phone customers. All of this indicates a penetration that is promoting corporate mobility in India, which will result in a major increase in employment.
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By 2014, the Telecom Regulatory Authority of India (TRAI) hopes to have 100 million broadband customers, a 10-fold increase from the current number. According to E&Y, telecom outsourcing revenue would increase at a CAGR of 31% to about $2 billion in 2012. India now is probably at the same stage of telecom development that America was thirty years ago.
There are strong signs that the healthcare industry will play a significant role in boosting employment and economic growth.
Over 40 million new jobs are anticipated to be created by that year (CII). In comparison to other developing nations, India's healthcare sector has an edge in becoming a centre for medical travel worldwide. India offers educational and medical facilities for a fraction of the price of affluent nations.
Despite the fact that we may be behind in terms of molecular research and medication patents, India's local market has a large potential.
4. INFRASTRUCTURE
India's infrastructure has grown significantly during the previous ten years. With infrastructure as one of the pillars, our economy is currently the second-fastest expanding in the world and the fourth-largest overall. Due to the industry's extreme fragmentation, it is challenging to determine its actual size and the number of jobs it creates annually in absolute terms.
However, the Indian government and the different state governments appear to be making quick progress, whether it be in the area of roads and highways, trains, aviation, shipping, energy, power, or oil and gas. Although most of the new jobs have been created in the unorganised sector, this has significantly increased employment.
5. RETAIL
The retail industry has made news recently with discussions of 100% FDI in single brand retail, which is now restricted at 51%. The opening of India's retail sector will build a stronger, organised business that will aid in creating jobs, even though the outcome is yet uncertain.
Only a small portion of Indian retail is organised as of right now. Despite this, the sector is thought to be valued more than $400 billion in India, and both domestic and foreign businesses intend to develop there. Industry experts believe that rural markets will drive the next stage of expansion. According to forecasts, the workforce, which currently numbers five lakhs throughout the organised and unorganised sectors, would have doubled by 2015.
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