As one of the fastest growing economies in the world, India has begun to witness progress in several industries owing to the constant efforts and undertakings announced by both government and private leaders. Despite being the second largest populated country in the world, many have reasoned that India’s growing population has the potential to become its greatest asset.
Apart from helping the subcontinent become a strong economy, steady investment in its population can also help in significantly augmenting India’s GDP. In recognition of the same, the Government of India has announced several initiatives with an aim to create a productive work force within the next couple of years.
As part of its nation building campaign – ‘Make in India’, the Indian government announced the Skill India Mission with an objective to create a skilled workforce by 2022. The initiative has garnered positive feedback from both individuals and organisations all over the country since its launch last July. This mission is playing a key role in providing comprehensive training programmes to the Indian youth to make them job ready across miscellaneous sectors.
India is home to several big sectors that are known to actively recruit new candidates from time to time. While the Indian Army and the Indian Railways have been the biggest employers in our country, there are other Indian sectors which are touted to join this bandwagon by next year. Let us explore the growth possibility of the following industries/sectors:
Information Technology: It is no surprise that the Indian IT sector is one of the fastest growing industries in the country and has contributed significantly to the nation’s GDP in the past decade. According to IBEF, our country is the largest sourcing destination in the world, and account for up to 55 per cent of the $146 billion IT market. As one of the most profitable sectors in our country, the IT segment is also one of the largest employers.
During the previous fiscal year, more than 5.8 million graduates were added to the talent pool of the Indian IT industry. Additionally, the IT-BPM sector in India grew at a CAGR of 15 per cent in 2010-15, which is three-four times higher than the global IT-BPM spend. It is also projected to expand at a CAGR of 9.5 per cent to $300 billion in the next four years.
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Healthcare: The Indian Healthcare sector has seen considerable progress in the past couple of years, both in terms of revenue and employment. Due to rising demand for better healthcare facilities, several initiators have come forward to invest in this sector as it has demonstrated considerable potential to grow within the next couple of years.
Furthermore, India is home to large number of highly qualified medical professionals in every medical and non-medical space.
Although these facts are encouraging, this sector still requires more manpower in order to provide efficient healthcare to all. According to a 2015 report by Healthcare Federation of India (NatHealth), India is currently facing a shortage of two million doctors and four million nurses for its growing population. Thus, the need of the hour is to create better infrastructure to retain qualified healthcare specialists, and also encourage more individuals to build their career in this life-saving profession.
Telecommunications: The telecom sector in India is the second largest telecommunications market in the world. According to Indian Brand Equity Foundation, this sector is poised to grow at a year-on-year rate of 10.3 per cent, and is estimated to reach $103.9 billion by 2020.
Additionally, this sector is predicted to generate over four million direct and indirect jobs in the next five years. This is expected to be achieved through a combination of rapid increase in smartphone sales, rising internet user base, and the government’s efforts to increase telecom presence in rural areas.
Out of the aforementioned sectors, the one that seems most promising is the Indian Information Technology sector. Innovation in this field has played a vital role in creation of several job opportunities in multiple segments. Even the NSDC has included IT/ITes (Information Technology enabled Services) as one of its Sector Skill Councils that are responsible for creating the National Occupation Standards (NOSs) and Quality Packs (QPs) for a specific job role within this field.
Therefore, the Information Technology is going to be the biggest employer in India in 2017 and will play a key role in making India a global superpower in future.
— The article is authored by Thirumal Raj of STC Skills