India to add 3 million new jobs by 2023: Report
The Indian tech industry will add another three million new jobs in the next five years, as per the Indian Staffing Federation (ISF), the apex body for the ‘flexi’ working industry.
With these additions, the size of the country’s tech industry will be 7 million by 2023.
Rituparna Chakraborty president, ISF, told The Hindu that all these new jobs would come up in digital technology areas such as artificial intelligence, machine learning, Internet of things (IoT), data science, analytics, big data, blockchain and augmented reality. Jobs would also be created in newer technology areas that are presently unknown but are expected to emerge and evolve in the next few years.
“We, at ISF, are confident of making this job projection for the next five years based on our constant interactions with a wide range of companies, including Indian tech firms, MNCs, global capability centers of hundreds of international firms, enterprises across segments including e-com, BFSI, pharma, and telecom,” she added.
There is a visible behavioral change happening in the IT and ITes sectors. India now has about 1,300 captive units. Some 400 new captive units are expected to come up in 2019. This shift is attributed to a sharp rise in hiring by existing and new global in-house centers (GCCs) due to technology innovation activities in India for their global markets.
Staffing organizations in India are going to play a vital role in helping the industry reach this hiring milestone as far as identifying and sourcing talent is concerned.
A recent report by staffing firm TeamLease services on the employment outlook also predicts a positive trend, projecting a three percent rise in net employment outlook and net addition of 11.5 lakh jobs between April- September 2019. However, jobs will continue to remain a burning issue given that India’s unemployment rate continues to rise, and in April rose to 7.6 percent, the highest since October 2016.