A new report stated that India will require 30 million professionals who are skilled in digital technologies by 2026, and nearly 50% of the current workforce will need to acquire new skills in emerging technologies. Currently, India has a working-age population of around 500 million, and data from employment services provider TeamLease indicates that only 49% of the country’s youth (ages 22-25) are employable.
The report highlights that 75% of companies in India face a skills gap, and even among employees who can keep their current jobs, 40% of their fundamental abilities are expected to change. As a result, realigning skill strategies will be crucial for companies, according to Rituparna Chakraborty, Co-Founder and Executive Director of TeamLease Services.
The report suggests that a comprehensive skill development strategy, including developing a skills matrix, conducting skill audits, and integrating upskilling into company culture, will lead to a more sustainable future of work. It also proposes an outcome-focused learning approach with structured impact evaluation metrics.
Chakraborty noted that by 2023, over 2 million jobs in AI, cybersecurity, and blockchain are expected to remain unfilled, and 76% of the global workforce is not equipped with the necessary skills to function in the new, digitally focused workplace. The long-term goal of all skill development programs must be to create a future-ready and future-proof workforce to address fluctuations in the world of work and ensure greater stability, she added.
Investing in upskilling could boost India’s economy by $570 billion and create 2.3 million new jobs by 2030, according to the World Economic Forum, as mentioned in the report.