With 142.86 crore population, India is the world's most populous country, and with an average age of 28, it also has one of the world’s youngest populations. India will have the world’s largest and youngest workforce by 2030, which will play a huge role in the country’s economy.

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The potential economic growth from a large working-age population represents a major opportunity. Its vast consumer market and pool of affordable labour is drawing more attention from global brands and trading partners. To boost the industrial sector, the Indian government is signing many trade deals. For example - in January, the White House partnered with India to help the countries compete against China on artificial intelligence, military equipment and semiconductors.

With this momentum, India is expected to overtake Germany as the world’s fourth-largest economy by 2026, according to an analysis by the Centre for Economics and Business Research.

Stagnant Unemployment Rate

India’s GDP growth rate shows it is doing moderately okay, but world economists are concerned about its employment rate. At 7.3%, India’s unemployment rate remains above its pre-pandemic average. One out of two Indians are not employable.

"Recent months have witnessed heavy layoffs, with over 500 tech firms issuing pink slips to over 1,50,000 employees. Many people were hired without the real skills needed for solving problems," says Vidya Sagar Gannamani, chairman and MD of Adecco India.

"While there is a lot of hue and cry over layoffs, it's happening because companies' strategies have gone for a toss. If you continue to hire desperately, it will hurt the organisation," adds Rituparna Chakraborty, co-founder and executive director, TeamLease Services.

Moulding India’s Raw Talent

"There is a skill gap, but there is also abundant raw talent. Industries need to tap the talent and grow it democratically," says senior TCS official. Similarly, with confidence in Indian raw talent but to cover the skill-gap, Vijay Pasupulati founded an online upskilling platform that primarily helps graduates to upskill and launch/re-launch their careers irrespective of their educational background.

Since its inception in 2021, OdinSchool has been at the forefront of bridging the critical skill gap in the Indian technology industry. OdinSchool is a member of key industry associations, including NASSCOM, SHRM, and HYSEA, and has been designing and developing courses as per the changing needs of the technology industry. Their curriculum is completely industry-vetted that gets regularly updated. Their teaching pedagogy is entirely practical, where learners engage in multiple projects before their interaction with industry partners for potential hiring opportunities.

OdinSchool is gaining recognition as a leading provider of tech bootcamps, producing top talent for the industry. Through collaborations with over 500 companies such as PepsiCo, Capgemini, Cotiviti, Indegene, Sutherland, Prolifics, etc., it provides graduates and working professionals with unlimited job opportunities. They also have a Student Success Team that closely monitors the development of each student and provides individualised support as needed. They also offer scholarships up to Rs 30,000.

Recent college graduates and working professionals with various educational backgrounds, such as B.Com or architecture, have experienced successful career relaunches. Notably, the platform has also assisted many mothers to re-enter the workforce after they took extended breaks of up to 16 years to raise their families. You can explore some inspiring career success stories here.

Final Say

In India's pursuit of global prominence, the burgeoning tech skill gap is a defining challenge. With a youthful population and immense potential, India's economic trajectory is promising. Yet, a stagnant job market and skill mismatch persists. Organizations like OdinSchool offer a glimmer of hope, bridging this gap by providing practical upskilling opportunities and forging industry partnerships. As India's demographic dividend looms, proactive measures to nurture a skilled workforce are imperative. By investing in education, technology training, and collaborative efforts, India can harness its latent potential, secure a competitive edge, and shape a future marked by innovation, economic growth, and global recognition.

 

 

 

 

(Above mentioned article is consumer connect initiative. This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever)