By 2022 – Over half of all workers in India will require reskilling to meet the talent demands of the future.
With the world’s largest youth population and more than half of its population of working age, skills development is critical for India to sustain inclusive growth and development.
In late 2018, the World Economic Forum, in collaboration with Dharmendra Pradhan, Minister of Skill Development and Entrepreneurship, and Petroleum and Natural Gas of India, and Salil Parekh, Chief Executive Officer and Managing Director of Infosys, launched the Task Force for Closing the Skills Gap in India. This brings together leaders from business, government, civil society, and the education and training sectors to accelerate the future-proofing of the country’s education and training systems.
What’s the challenge?
According to World Economic Forum, Future of Jobs 2018 report, more than one-half of India’s workforce will need to be reskilled by 2022 to meet the demands of the Fourth Industrial Revolution.
The world Economic Forum report also found that talent availability is the single most important factor in determining job locations for international businesses with operations in India, and that 67% of businesses surveyed expected to outsource functions by 2022 in response to changing skill requirements.
These challenges in preparedness for the new world of work have the potential to hamper the country’s future growth and productivity, and require concerted action by the public and private sectors to close skills gaps among the current workforce, preparing the next generation of talent for the future of jobs.
The India Task Force is one of a growing global network of country-led public-private partnerships in the World Economic Forum’s Closing the Skills Gap Platform, which currently includes Task Forces in South Africa, Argentina, and Oman.
Complementary efforts are being driven by the Forum’s Closing the Skills Gap 2020 initiative, which seeks to gather commitments from global businesses to reskill and upskill eight million people by 2020. So far, companies in India have committed to reach more than one million workers.
How can you get involved?
The World Economic Forum inviting business, government, academic training institutions and civil society representatives to be part of our national Task Force in India, helping close the skills gap, ensuring education and training systems keep pace with the new demands of labour markets.
Businesses ready to commit to train, reskill and upskill their workforces are asked to share their commitments via the World Economic Forum Closing the Skills Gap 2020 platform. Building on the Forum’s Future of Jobs report, the initiative is a platform for action, offering playbooks and a global learning network among countries.
Closing the Skills Gap Accelerators are active in India, Oman, Argentina, South Africa, Pakistan and the United Arab Emirates, each involving multiple relevant ministries and 100 of the largest employers in each country, including World Economic Forum Members and their subsidiaries.
This initiative forms part of the World Economic Forum’s Platform for the New Economy and Society. It integrates the initiatives on the Future of Economic Progress and the Future of Education, Gender and Work.