Data suggests that there will be 29 million skills in deficit by 2030. To address this skills shortage, recruiters are shifting their focus to hiring professionals with the ability to adapt to changing roles. Several new-age jobs could not find a suitable match due to skill gaps across sectors. According to the International Labour Organisation (ILO), India is staring at a 29 million skill-deficit by 2030.
Owing to the skill shortage, 53 per cent of Indian businesses could not recruit in 2019. According to ILO, in the job profile of development operations manager, 63 per cent openings remained vacant due to lack of skill-sets.
India’s demographics indicate that the majority of its population will be composed of youths and, as such, become a major supplier of human resources to the global economy. According to data collected by the Ministry of Statistics and Programme Implementation, Government of India (Social Statistics Division), India has a relative advantage, at present, over other countries in terms of the distribution of youth population. As per India’s census, India has the largest population of youth in the world spanning a whooping 600 million youth as of the year 2018. India’s youthful population will become its most prized asset. However, the problem of a skill gap in India is making prospects less enticing. Unemployability seems to be a much bigger threat to India than unemployment.