India is on the cusp of transformation. A major part of this transformation is driven by the expectation that, in 2020, the average age of an Indian will be 29 years, compared to 37 for China and 48 for Japan; and, by 2030. In the next few years, huge working population will enter the markets in search of jobs. Despite there being a huge demand of the skilled population in various sectors, the question of skill gap and employability will continue.
The general business environment in the country is pointing towards an optimistic future for the job market. Moreover, the recent initiative such as Model Shops and Establishments (Regulation of Employment and Conditions of Service) Bill, the partial abolition of 5/20 rule, thrust on Skill India etc. are expected to provide a fillip to the employment generation.
So where would be the opportunities be? Here are few careers that are expected to experience a boost:
Digitisation in different sectors is fuelling the IT job market. It is expected that the IT industry would create 2.5 lakh new job openings this year. While digital marketing and data science are few buzzing careers, demand for developers, networking specialists, and mobile and web product developers is also witnessing traction. Due to constant technology upgradation, anyone who aspires to have IT as the core is requires regular up-skilling efforts. To excel in the sector one has to have technology acumen and the zeal to constantly upgrade skills. There are many reputed institutes which focus on developing the core IT skills, but soft skills are equally important to climb the ladder of success.
Aviation & Hospitality
It is estimated that by 2035, the Indian Civil Aviation sector would employ 8 to 10 lakh personnel directly and another 3 lakh indirectly. Post the recent decision of the government to partially abolish 5/20 rule, more airlines are predicted to enter Indian markets. This would in turn also have a cascading effect on the demand for non-technical jobs such as ground staff. Meanwhile the hospitality industry will benefit from the rigorous efforts of the government to promote tourism in India. Both industries are facing a significant attrition of skilled workforce due to the availability of better monetary and career opportunities. Candidates with client handling and soft skills are always in demand for customer-facing and service-oriented roles. Students who pursue a career in the hospitality sector are also in depend in other sectors which require customer relations executives such as banking, financial services, retail, among others.
Banking & Finance
BFSI is one of the fastest growing sectors in India. While the Indian banking industry is expected to become third largest in the world by 2025, the biggest impediment in its growth has been a lack of skilled human assets. With liberal RBI policies, increased government focus, innovation in technology and a growing demand from consumers, specialized or differentiated banking segments have arisen. Increase in numbers of specialized banking and liberalized bank opening policy will lead to increase in demand for banking professionals.
To pursue a career in banking it is advised that in addition to the understanding of financial markets, skills pertaining to computer application, securities and wealth management, mutual funds and equity dealing, and risk management play a pivotal role. Moreover, soft skills are increasingly becoming an epochal determinant in candidate selection.
Beauty & make-up
India is one of the top five growing beauty and wellness markets of the world. The rise of the aspirational middle-class in Tier 2 and 3 cities are one of key reasons for the growth of beauty and wellness industry in the country. Reports suggest over 50 per cent of the workforce among salons, slimming and rejuvenation sub-segments are women. However, men are increasingly gaining interest, especially in hair styling. Segments such as physical fitness and counter sales continue to be dominated by men. The sector has also witnessed a slew of startups and is also scripting the growth stories of several women entrepreneurs. The sector has long suffered due to the lack of a universally accepted accreditation for the courses. With the advent of some key private institutions partnering to accredit the skills and training courses is bound to provide reassurance to candidates regarding employability and relevance in the job market.
Indian retail industry has been growing at a steady pace fueled by factors like changing lifestyles, rising disposable incomes, favourable demographics, and easy credit availability. Model Shops and Establishments (Regulation of Employment and Conditions of Service) Bill is expected to cause a 10% surge in jobs in the short term across retail, IT and services sector. Moreover, organized retail has transcended beyond being an urban phenomenon. It is estimated that tier 2 and smaller cities will evolve faster to constitute a majority share of the organized retail in coming years. Shortage of trained manpower at various levels and lack of retail training institutes have seen several key retail [and even an e- tail] players partnering with reputed institutes to hire new or train their existing workforce.
Albeit the growth story is in the pipeline, there is also a growing consensus to develop vocational courses which have a strong connect with the changing needs of the industry. This industry-academia nexus is important to generate skilled population, which would help bridge this widening gap. However, this also warrants rigorous investments and understanding of the education landscape in the country.