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