India have talent surplus of 245 mn workers by 2030: Korn Ferry

Highlights:

  • According to organisational consulting firm Korn Ferry,India is projected to have a skilled labour surplus of 245 million workers by 2030.
  • It is due to mainly on the back of “vast supply of working age citizens.
  • Most of the developed and developing economies are expected to grapple with talent crunch at that time.
  • There is likely to be a “talent deficit of 85.2 million workers” by 2030 across the 20 major developed and developing economies.
  • This global skills shortage could result in USD 8.452 trillion in unrealised annual revenue by 2030 – equivalent to the combined GDP of Germany and Japan.
  • India is the only country expected to have a surplus of highly skilled financial and business services labour by 2030.
  • India,the only country expected to have a surplus, owing mainly to its vast supply of working-age citizens and government programmes to boost workers’ skills.
  • India is expected to overtake China to become the world’s most populous country in the next six years.
  • India’s median age is predicted to be just over 31 by 2030, meaning it has a vast supply of working-age citizens.
  • The government has also been announcing programmes to boost workers’ skills and capacities.
  • Industries, where the talent surplus will be the most visible in India, include the financial services with a surplus of 1.1 million, technology, media, telecommunications (TMT) at 1.3 million and manufacturing at 2.44 million of extra manpower in 12 years.
  • It also noted that by 2030, all countries except India would be gripped by TMT talent deficits.
  • The government, as well as industry, have made significant efforts to address both issues through programmes like ‘Skill India’.
  • Besides India, 19 other major developing and developed economies were covered in the study.
  • They are Brazil, Mexico, the US, France, Germany, the Netherlands, Russia, Saudi Arabia, South Africa, UAE, the UK, Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Singapore and Thailand.