The Indian Job Market has been under continuous scanner not only by the Indian leaders but also it is being reviewed all over the world. As Indian economy is growing at a fast pace, the ‘Rest of the World’ is taking keen interest in exploring opportunities here. Many companies have opened their branches in India and are in search of Skilled Indian Labour.
VARIOUS JOB SECTORS IN INDIA
A list of Sectors that merge together to form the Indian Economy is as given under:
- Industry: Further this sector comprises of certain sub sectors which are; Petroleum products and Chemicals, Pharmaceuticals, Engineering, Gems and Jewellery, Textile and Mining.
- Services: This sector further comprises of; Energy and Power, Infrastructure, Retail, Tourism, Banking and Finance and Aviation.
GDP & EMPLOYEMEMT SHARE : SECTOR-WISE
AGRICULTURE and its allied sectors such as forestry, logging and fishing contributed to around 17% of the GDP while workforce employed under this sector stood at 53% of the total workforce. The key contributors to the Indian Agriculture sector comprise of the states such as Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Bihar, West Bengal, Gujarat and Maharashtra.
SERVICES SECTOR in India has the largest share in the Indian GDP i.e. close to 57%. This sector provides employment to about 25% of the total workforce. The share of the Indian IT Industry in the country’s GDP is around 7%. Indian IT firms are listed amongst the top 15 technology outsourcing companies of the world.
INDUSTRY as a whole, contributes around 26% to the GDP of India and it employs around 22% of the total workforce. Industry sector consists of Manufacturing and Non Manufacturing, each having employment percentage of 11%.
Engineering Industry is the largest sub-sector of industry GDP and it employs around 4 million workers.
Gems and Jewellery Industry accounts for about 7% of India’s GDP and employs millions of labour force. The gems and jewellery sector in India is majorly artisans driven and manual in nature. 96% of this industry is served by family owned operations.
Textile contributes to 4% of the economy’s GDP. India’s textile industry employs around 45 million workforce, which is a huge number.
The latest news about the Mining Industry’s contribution to Indian GDP is that of 2.3% which had declined from 3%.
The International and Domestic Tourism Industry accumulates to around 5.92% of India’s GDP and 9.3% to its employment.
CURRENT CHALLENGES FOR INDIAN JOB MARKET : LACK OF SKILFUL LABOUR
But, the main issue here is that the skills required by employers are not accurately matched up with that of the Indian youth. This is because of Indian Education System which is theory oriented and doesn’t provide practical or experience based study.
While the Indian Education System is majorly theoretical, the Foreign Education majorly focuses on employing the skills early on in life. This has caused a huge vacuum between the Employable Indians and the Skill-Based MNC jobs. Only a minor % of the skilled labour is able to match up with the expectations of the multinationals.
Normal graduates or even students of higher studies find it very difficult to find a job of their preference as the requisite skills do not match. As a result, they end up taking whatever profile they get, whether it interests them or not. Because of this scenario, skilled labour in India in spite of being well qualified ends up being inefficient and ineffective because the work they are doing does not
interest them in any way.
FUTURE PROSPECTS : INDIAN JOB MARKET
Information Technology and Business Process Outsourcing are 2 of the fastest growing sectors, having a combined growth rate of revenue of about 33.6%. The contribution towards country’s total exports is 25% as per the last done survey. The growth in the IT sector is due to the increase in specialisation in this field. Also, a large number of highly-skilled and educated workers is contributing towards the growing IT sector.
Also, with reforms taking place by the Government under the Banking and Finance Sector, more and more private and foreign players have entered into the market, in turn providing a large churn of jobs to the skilled workforce.