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India’s Employable Talent Leaps From 46.2% To 50.3%: Report
In a significant improvement, the report stated the percentage of the employable women workforce has increased to 52.8 per cent, compared to 47.2 per cent for men
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Amid the recent major layoffs by major companies across the globe, India’s employable talent is up from 46.2 per cent to 50.3 per cent, according to India Skills Report 2023.
In a significant improvement, the report stated the percentage of the employable women workforce has increased to 52.8 per cent, compared to 47.2 per cent for men.
The report also pointed out that 89 per cent of graduates were actively seeking for internship opportunities.
The survey indicated that candidates from Uttar Pradesh, Maharashtra and Delhi had the highest employability. Amongst B.Tech, MBA and B.Com were found to be the most employable talent from amongst various domains.
Nirmal Singh, Chief Convenor, India Skills Report, Founder & CEO, Wheebox said, “As we celebrate India at 75, it is imperative now that we harness the demographic dividend. The world is rapidly ageing, but India is still young. In the next few decades, India will be a talent powerhouse and one of the largest contributors to the global workforce.”
He added that if India’s demographic dividend is productively leveraged, growth prospects will brighten, helping it to leapfrog its GDP from the current USD 3 trillion+ to double by 2030. Globally, of the total workforce in Science, Technology, Engineering, and Math (STEM), women have only 28 per cent representation, a sorry state of affairs indeed.
"India is set out on a path of growth and its fast-moving private industry has been one of the defining factors. There is a renewed need and focus on upskilling fresh talent to meet and adapt to the demands of the ever-evolving industry,” said Piyush Nangru, Co-founder and COO, Sunstone.
The report also showed that India will be hiring most in the automotive, engineering and internet business. Additionally, companies across India show a hiring intent of 36.08 per cent for the demand forecast of 2023.
The report also pointed out that the courses most in demand in 2023 will be B.Com and MBA with the most employable talent at 60.62 per cent and 60.1 per cent respectively.
BE/B. Tech domain candidates are the third most employable, in the domain-wise employability category, with employability being 57.44 per cent
According to the study, the demand for skilled labour is being driven by the BFSI, pharmaceutical, e-commerce, and IT/ITES sectors. Freshmen hiring in these fields is projected to increase by 20% in 2023 compared to 2022
Meanwhile, India’s female participation in the workforce currently stands at 33 per cent as compared to 67 per cent participation for their male counterparts. Interestingly the employability for female talent is around 5.6 per cent more than that of men.
"If India aspires to become a global leader in providing skilled talent, then it is recommended that more policy-level changes are needed to increase workforce participation both in the private sector as well as the government sector," the report stated.
Rajasthan was reported to have the greatest percentage of employable females who were prepared for the workforce (53.56 per cent) while Uttar Pradesh came in second with 46.51 per cent of employable women.