India is home to the second largest population in the world. As such, the country has a vast pool of untapped skill, talent and resources. Many of the world’s most well known successful entrepreneurs hail from India, so there is no question that valuable talent exists there. According to an analysis by Bloomberg news on the UN population-projection data, India’s millennial generation eclipses that of China and the US. This has brought forth the expectation that India’s labour force will be the largest in the world by 2027.
India has gained a reputation as the go-to nation for outsourcing for the past 20 years. Thanks to a huge English speaking population, skilled workers, and their readiness to provide 24x7x365 days customer support, companies are now willing to go a step further and open captive centres that utilise experienced local talent that is on par or better than their global counterparts.
Information technology (IT) has opened a multitude of job opportunities in India and there is a great demand for Indian talent skilled in emerging technologies. We also see numerous global companies setting up shop in India either through R&D facilities, think tanks, Development Operations centres, labs and/or centres of excellence (CoE). These investments leverage local talent for the development of applications that have global relevance. Today, India is firmly rooted as the world’s technology hub for outsourcing.
The low cost of manpower and high productivity of the Indian workforce has also made the country a preferred location for major manufacturing operations. Large companies have expressed confidence in India’s ability to drive growth in the sector.
Another growing trend that is being seen is that major US and Europe based corporations are making moves and spending money to acquire smaller start-ups and companies in India, granting them full access to the talent and expertise that they require.
The number of Indians in a leadership role is growing globally, proving that the nation has the talent that can be nurtured and prepared to meet the required criteria to excel in the global market. Indian executives possess traits that are in high demand for global roles. They are multifaceted, quick to learn and adaptive. They also tend to be more eager to embrace challenges and adapt to new cultures.
More and more young Indians are gaining access to quality and affordable education and skill training. It will take no time at all for India to become a leading supplier of global talent. With a some effort from government bodies and corporations, they can identify and recognise the skill sets that are required for the future and train the country’s young population so that they acquire the necessary skills.
However, the Indian population itself seems to be rather pessimistic regarding employment opportunities. Despite being projected as the largest talent pool for skilled workers, the sheer size of the population has brought with it concerns over lack of available positions and increased job competition.
According to a survey by the Pew Research Centre, approximately 76 per cent of India’s adult population are concerned over lack of jobs. This is followed closely by worries over rising prices in the country. Many have also voiced concerns over a deteriorating economy over the past five years, although most agreed that the financial situation of the average Indian person has improved compared to 20 years ago.