Global Skills Shortage and Opportunity for India
By 2030, there will be a global talent shortage of over 85 million skilled workers.
This shortage could result in a loss of $8.45 trillion in annual revenue, equivalent to the combined GDP of Germany and Japan.
India has the opportunity to capture a significant portion of this market by addressing the skills gap.
Key Geographies and Sector Demands
Key regions for workforce mobility: GCC (Gulf), Europe, and Australia.
Health care, manufacturing, construction, and services are in high demand across these regions.
Emerging sectors include AI, automation, big data, and sustainability.
Barriers to Skilled Workforce Mobility
Regulatory and immigration barriers: Complex visa processes and work permit restrictions hinder skilled migration.
Other obstacles include skill mismatches, policy barriers, and language/cultural integration challenges.
Exploitative recruitment practices and human trafficking pose serious threats to migrant workers.
India’s Strategy to Address Challenges
Bilateral agreements and Free Trade Agreements (FTAs) protect Indian workers’ rights.
Skill development programs and digital platforms aim to align workers’ skills with global demand.
Strategic measures: sector-specific training, recruitment regulation, mutual qualification recognition, and promoting circular migration.
India’s Advantage and Future Prospects
India faces less hostility towards its skilled workers in global markets, even amidst anti-immigration sentiments.
Preventing illegal migration will protect workers and improve India’s global reputation.
India’s GDP could reach up to $9 trillion by 2030, with skilled workforce mobility playing a crucial role in achieving this goal.
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