India will need 30 million digitally skilled professionals by 2026, and 50 per cent of the current workforce would need to reskill themselves in areas of emerging technologies, according to a report by TeamLease degree apprenticeship programme from the TeamLease Services group.
No tech know-how
The report states that more than two million jobs in AI, cyber security and blockchain are expected to remain unfilled in 2023. Moreover, digitalisation and the adoption of automation and AI across industries have resulted in accentuating the problem, as the available professionals cannot progress into these in-demand roles because they do not possess the technical know-how for these new and emerging job profiles.
Companies continue to struggle to find the skills they are looking for, and their competitiveness and growth prospects are at risk. Also, the growing chunk of unemployed and underemployed workers remains inaccessible for most companies due to the skill gap, the report noted.
“Labour and skill shortages are among the second most important external factors disrupting business strategy. Additionally, the workplace is evolving so rapidly that 76 per cent of the global workforce is not equipped with the requisite skills to function in the new digitally focused workplaces,” said Rituparna Chakraborty, co-founder and Executive Director, TeamLease Services. .
India is witnessing a rise in literacy rates, but the level of vocational training and skilling is low. According to the report, in 2020, there were 900 million people (67 per cent of the total population) in the working age group of 15–64 in India, which is expected to grow by another 100 million by 2030
Skills strategy
The report suggests a seven-step skills strategy for corporations, which includes developing a skill matrix and conducting skill audits, targeting specific learning journeys, intermingling upskilling within the company culture, and a comprehensive skill development strategy. According to the World Economic Forum, investment in upskilling could potentially boost India’s economy by $570 billion by adding 2.3 million jobs by 2030.