India's competitiveness goals in the global market needs 30 million digitally equipped workforce by 2026
According to the report, India will need 30 million digitally skilled professionals by 2026, and about half of the current workforce will need to acquire new skills in emerging technologies.
TeamLease, a company that provides employment services, reports that less than half of India's youth in the working-age bracket of 22-25 years are qualified for employment.
Rituparna Chakraborty, the co-founder and executive director of TeamLease, says that 75% of the companies surveyed have a shortage of skilled workers. She also mentions that 40% of essential skills are likely to change, and companies must adjust their skill development strategies accordingly.
The report suggests developing a comprehensive skill development strategy by establishing a skills matrix, carrying out skill audits, and making upskilling part of the company's culture.
The proposed strategy should also adopt a learning approach that focuses on the outcomes and has structured metrics to evaluate its impact.
The report highlights that approximately 2 million job positions in AI, Cyber Security, and blockchain will be vacant in 2023. Additionally, the majority of the global workforce, 76%, lacks the required skills to operate effectively in digitally-focused workplaces.
The report recommends that skill development programs should aim to create a workforce that is future-ready and future-proof to address talent inequality challenges and create a sense of stability.
According to the World Economic Forum, investing in upskilling could lead to a $570 billion increase in India's economy by 2030, and the creation of 2.3 million new jobs.