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India Today
15-05-2025
- Business
- India Today
How talent-surplus India can leverage developed world's labour crisis
Developed nations are projected to face a labour shortage of 45-50 million skilled and semi-skilled workers by 2030 whereas India is expected to have surplus talent. The contrast presents a significant opportunity for the country to be the workforce gap bridge for the developed affairs minister S. Jaishankar recently underscored the importance of international workforce mobility, saying: 'It is crucial to nurture, expand, deploy and upgrade talent while identifying opportunities both within and beyond our borders.'advertisementJaishankar emphasised that with rising global demand and a growing talent pool in India, it was imperative to lay the groundwork for Indian professionals to access international opportunities. He also highlighted the importance of skilling, noting: 'Our government has rolled out skills training and vocational education programmes to empower the workforce.'The minister was speaking at the launch of the non-profit Global Access to Talent from India (GATI) Foundation, incubated by The Convergence Foundation, New Delhi, along with Manish Sabharwal, executive vice-chairman of staffing firm TeamLease Services, and the Godrej Foundation. Jayant Chaudhary, Union minister of state (independent charge) for skill development and entrepreneurship, who was also present at the event, reiterated the government's focus on ensuring that all migration from India was legal and structured. He pointed out that trades, such as elder care, nursing and plumbing, taught at the 14,500 Industrial Training Institutes (ITIs) across the country were in high demand however, cautioned that many of these professions fall within the country's informal sector and there was a need to formalise these sectors so that the skills were recognised Gupta, managing director and senior partner at Boston Consulting Group, said talent shortages in developed countries were rising by 11-12 per cent year on year—'massive problem' in his words. On the other hand, India had achieved global success in the IT/ITES sectors, with a large workforce operating both at home and emphasised on replicating this success story in low- and medium-skilled jobs in sectors such as healthcare, logistics and transportation, and education. 'Currently, talent movement in these sectors is happening in small pockets. But as we look towards a Viksit Bharat, we need to aim for a labour export economy worth $300 billion,' he Dhawan, founder and CEO of The Convergence Foundation, shared that while some 700,000 Indians migrated for work overseas annually, 60 per cent of them were concentrated in the Gulf Cooperation Council (GCC) countries. 'We have a real opportunity to expand our annual migrant flows to 2-2.5 million by diversifying across geographies and job roles,' he an expansion, Dhawan added, would not only generate more employment but could also significantly boost remittances to as high as $300 billion annually, thereby enhancing consumption, education and healthcare outcomes in year, India recorded remittances worth over Rs 129 billion, the highest for the country till outlined a three-pronged strategy to help India leverage the global employment opportunity. First, forging government to government partnerships and signing pacts to create an ecosystem that facilitates freedom of movement, including through relaxed visa norms. Second, standardising skills training—technical, language and soft skills—to meet international benchmarks. And third, ensuring collaboration across stakeholders—central and state governments, nonprofits, skilling institutes and the private sector—with a central nodal agency to streamline the talent mobility to India Today Magazine
Hans India
09-05-2025
- Business
- Hans India
Innovation-led ecosystem to unlock full potential of industry in states: Assocham
Unlocking the full potential of Indian enterprises demands a cohesive, innovation-led ecosystem that fosters competitiveness, reduces compliance burdens, and supports scale, according to an Assocham paper released on Friday. Highlighting the crucial role of MSMEs in India's economic architecture and the importance of co-ordinated efforts between Centre and states to help them thrive, the top industry body has released a knowledge paper, titled 'Ease of Doing Business in the Indian States'. The paper recognises the need to address operational challenges and incorporating best practices from across the globe. A key recommendation in the knowledge paper stresses on the role of third-party private professionals in the approval process of building and construction, labour and factory approvals and fire approvals. Specific recommendations for streamlining process and rationalising 'No Objection Certificates' and import/export regulations have also been highlighted. 'To achieve the Prime Minister Narendra Modi's vision of Viksit Bharat, policymaking at the Central government needs to be complimented by implementation in the states. The in-depth consultation with stakeholders across states, review of policy framework and analysis of issues in on-ground implementation laid the ground-work for this knowledge paper,' said Manish Singhal, Secretary General, Assocham. The paper decodes state-specific issues and calls for tailored interventions that reflect the unique governance models and economic conditions of each region, he added. Some states are changing and are showing the way to others with smart reforms. Gujarat plans to recycle 100 per cent of treated wastewater by 2030, a perfect example of business growth meeting environmental responsibility. Maharashtra is making life easier for food and drug manufacturers by offering five-year licenses instead of forcing them to renew every year, according to the paper. West Bengal is cutting logistics costs by allowing bigger container trucks near ports. Jharkhand is supporting startups to get loans without collateral and helping them supply goods to the government. 'There are more such best practices mentioned in this report, which serve as replicable models for others to follow,' said Assocham in its 52-page comprehensive knowledge paper prepared with technical inputs and analytical guidance of The Convergence Foundation identified key priority areas.
