The growth of the remote work culture in the last year and a half and a robust digital framework have contributed toward the increase in cross-state and cross-border hiring in the country.
The Skills Report further states that almost 40% of employable talent in the country is in the age group of 18 to 21 years. The report discusses the existing talent gap, the need to upskill the talent pool in the country. It estimates that India has about 50% of employable youth in 2023.
Skuad can provide you with all the details you need for your expansion efforts in India, from the availability of talent to hiring costs. Talk to a Skuad expert today!
Overview of India
The population of India is 1.39 billion.
Gross Domestic Product (GDP)
The GDP is USD 2.86 trillion (INR 195.68 lakh crore) (FY21).
Before FY17, India recorded a commendable growth rate of about 8.3%. According to the international Monetary Fund (IMF), India is projected to be the fastest growing major economy in 2023 with a predicted GDP growth of 6.1% in 2023 and 6.3% in 2024.
The McKinsey Global Institute forecasts the need to create about 90 million jobs in India between 2023 and 2030 in the non-agricultural sectors. Estimates suggest that the net employment rate should increase by 1.5% to help the GDP rates stay afloat between 8% to 8.5%.
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A Brief Glimpse of Industries
Under the Make in India and Digital India Program, the Government of India (GOI) has encouraged foreign companies to open their subsidiaries and facilities in India.
The India Brand Equity Foundation reported that the GOI plans to spend USD 36 billion or INR 2.65 lakh crores on sectors such as tourism and aviation, housing, and construction to create job opportunities.
Besides, under the progressive production-linked incentives (PLI) scheme, the GOI is committed to offering about USD 27 billion to create jobs in the country in the next five years.
The manufacturing sector has been given impetus under the Make in India initiative to contribute about 25% of the GDP.
The GOI has encouraged growth in the digital sector. It plans to focus on three core areas, namely, improving digital literacy, focusing on the delivery of services digitally and strengthening the digital infrastructure in the country.
The average download speed on fixed broadband in India is 53.90 Mbps, as per the Speedtest Global Index. The upload speed on fixed broadband is 50.75 Mbps.
According to the Hurun Report, the top 10 industries in India are pharmaceuticals, software and services, fast-moving consumer goods, chemicals and petrochemicals, automobiles and auto components, construction and engineering, financial services, food and beverages, textiles, apparel and accessories, and real estate.
When you decide to hire a local workforce, please research the top industries where companies hire remote workers in a specific targeted location in India. Skuad’s experts can help you manage and streamline your expansion efforts smoothly.
Talent in India
If you are planning to expand globally, it is essential to know the most in-demand skills of the top occupation in a specific targeted location for remote workers; for example, marketing, sales, software, and customer service. Further, the pool of knowledge workers in India is growing. As knowledge workers think for a living, their knowledge is their main asset.
Knowledge Workers and Employability Talent in 2023
The top sectors that are expected to hire in 2023
Top Skills in India
Three hundred million people in the age group from 20 to 34 years comprise a huge talent pipeline that cannot be ignored by companies keen on global expansion. The employable talent makes India an ideal hiring market. Augmenting these numbers, another 250 million people in India are in the age group from 10 to 19 and will be employable in the next five to 10 years.
India’s top skills are,
- Media and entertainment
- Real estate
- Statistical analysis
- Banking and financial services
Top Skills in India by City
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