As a direct result of the pandemic and the startup wave, digital technology grew by multiples of what it was before. It has led to big shifts in how businesses operate and grow, which has ignited creative solutions in all industries. Because of this, it’s more important than ever for people and technology to work together. But for businesses to do that, they need the best tech talent.
India, which has the youngest population in the world, has a huge workforce to meet this demand. The average age of the population is about 29 in this country. About 68% of them are younger than 40, and about 70% of them are already online. Also, the country is on track to have about 70% of its population, or more than a billion people, in the middle class by 2030.
However, the problem is that India has a huge gap between the number of talented people and the number of jobs that need them.
India’s Skill Gap Challenge
A report from NASSCOM says that only 35% of all STEM graduates from 2020 to 2021 will be able to get jobs. The same report also says that this imbalance between talent demand and supply will grow by more than 3.5 times in the next three decades.
Another report from the Center for Monitoring the Indian Economy (CMIE) said that even though there are plenty of open jobs in India, the unemployment rate has gone up from 7.1% in May 2022 to 7.8% in June 2022. This rate is the highest in India’s employment history over the past 30 years.
On the one hand, there are vacant jobs in the country because there aren’t enough qualified people to fill them. On the other hand, we have young people working in jobs for which they are far too qualified.
As more industries, both public and private, strive to go digital, they want a team that is well-versed in digital literacy and is up to date on market trends. In other words, if India is to close the talent supply-demand imbalance, it must upskill and reskill its populace.
A Future Driven by Technology
NASSCOM expects that India can achieve its aim of building a USD 1 trillion digital economy in the coming years with the help of private investments. Likewise, the World Economic Forum’s 2021 study says that big investments in upskilling and reskilling could give the Indian economy benefits of up to INR 570 billion over the next ten years. By 2030, the country might add 2.3 million jobs.
India’s Software as a Service (SaaS) environment has grown significantly. In 2021, it saw a 170% rise in investments, reaching USD 4.5 billion. In addition, India has experienced public-private collaborations in the digitalization of its economy, creating a favorable environment for technical advancement.
As a result, there has been a significant surge in upskilling and reskilling programs in these sectors. Professionals from all educational backgrounds are willing to transition to tech-based job descriptions today. Startups like Learnbay provide domain specialized training to professionals, even from nontechnical backgrounds, to help them stay current with market trends. Reskilling these professionals will help them make a successful career transition, a move critical to making the country Atma Nirbhar.
Professionals with technical backgrounds also need to keep their skills updated. Edtech companies offer upskilling boot camp programs and training on real-time projects to help aspirants get better outcome-based learning. After all, working on live projects can help professionals better understand and tackle problems.
GOI Upskilling and Reskilling Initiatives
The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is the flagship skill training initiative of the Ministry of Skill Development and Entrepreneurship. The NSDC is the primary institution in charge of implementing this initiative. The initiative also trains adolescents with past experience to bridge the gap between their talents and the industry’s needs. This program aids the nation’s economic development by creating a skilled workforce.
The All India Council for Technical Education (AICTE) has announced the introduction of the “Digital Skilling” program as well. This academic endeavor paired qualified individuals with professional trainers and a variety of courses that provide knowledge on developing technology. It includes technologies such as artificial intelligence, blockchain, big data, cloud computing, and others. Under the “Atma Nirbhar Bharat Mission,” India will be on par with the top technology in the world, with the New Education Policy fostering innovation and skills.
Indian Youth Becoming Atma Nirbhar
Future tech talent will feature multi-capability professions capable of handling a wide range of new-age customer demands. Regardless, tech-aspirants must acquire training in the most cutting-edge advancements at an early stage in their employment to stay relevant in this fast-paced industry. Without a thorough grasp and skill, developers may be unable to achieve the essential results for customers and businesses alike.
With the necessary provisions, market-oriented training that focuses on real-world applications, and excellent mentorship to lead future technology developers, India will be equipped to build cutting-edge solutions for successful results and have a positive influence on the globe.
The article has been written by Abhishek Gupta, co-founder and chief business officer, Learnbay Institute