India Inc needs to stress on job creation
Amidst the slump in the economy across the world, India is showing a remarkable trend of maintaining a steady growth and positive outlook. The country’s GDP is estimated to grow by 7.4% in FY 2025-26, with nominal GDP growth at 8%.
The services sector remains the primary driver of growth, expanding by 9.1%. Manufacturing and construction have grown by 7%, while agriculture is estimated to grow at 3.1%.
Notably, the country’s young population, with a median age of 28 years, provides a large working-age population which can prove to be the growth drivers. The government too has delivered policies as per the expectation of industry, and it’s now time for India Inc to invest more and expand capacities.
The government has been moving as per the industry’s expectations as the government has delivered on ease of doing business, tax reforms, opening up FDI, and framing policies conducive for the industry.
The radical changes brought in and the opportunity and the platform that the government has given are enormous, both in the domestic market and in the export market.
However, access to education for youth, unemployment and underemployment are proving significant concerns in the backdrop of the growth that India is experiencing.
All this is leading the youth to face mental health issues, such as anxiety and depression as these incidences are increasingly prevalent among the young people. Besides, many young people face discrimination and marginalization based on their identity, background, or circumstances.
Importantly, addressing these challenges will require a comprehensive approach that involves governments, educators, employers, and communities working together to support the well-being and success of young people.
Overall, India’s economy is poised for continued growth, driven by its demographic dividend, urbanization, and infrastructure development. However, addressing challenges such as job creation and manufacturing sector growth will be crucial for sustainable development.
For achieving a scenario that will ensure job opportunities combined with sustainable growth the government has to plan a unique skill based programme for the youth that will sync with the industry needs.
Globally the demand for skilled hands is on the rise, driven by technological advancements, demographic changes, and evolving industry needs.
Various studies and industry opinions put the estimated global talent shortage by 2030, potentially leading to $8.45 trillion in unrealized annual revenue. Besides, the core skills expected to change by 2027 emphasize the need for continuous learning and upskilling.
As on today 10 million workers are needed by 2030 to address universal health coverage and aging populations. There will be a shortage of 2.1-3.5 million STEM professionals in the USA by 2025, with high demand for AI specialists, data scientists, and software engineers.
Over 10,000 roles are anticipated in clean energy projects, particularly in Australia. Elsewhere also lakhs of such professionals are needed but they are not available as per the industry needs.
There is also a growing demand for experts to combat increasing cyber threats and attacks. All these need skilled manpower to fit in the required job profiles and here we can provide the desired skilled young men who can help the country’s economy to grow even further.
