Amid rising demand for jobs, India’s high tech sectors offer a ray of hope as they have the potential to create millions of jobs in the coming five years, a top US business advocacy group said in a report.
Amid rising demand for jobs, India’s high tech sectors offer a ray of hope as they have the potential to create millions of jobs in the coming five years, a top US business advocacy group said in a report. These sectors also offer a prospect to attract a whopping $21 billion in investment, the US-India Strategic and Partnership Forum (USISPF) in a recent report “Hi-tech Manufacturing in India”. In the next five years, 5,50,000 direct and 14,00,000 indirect jobs in these sectors, the report added.
“India’s high-tech sectors (such as electronics, aviation, medical devices) have the potential to offer an additional investment of USD21 billion and create 550,000 direct jobs and 1,400,000 indirect jobs over the next 5 years,” USISPF president Mukesh Aghi said. Even as various global majors have entered the space of electronics, aerospace and medical devices, India’s share in global production within these sectors is less than three per cent, the report added. Some of the challenges identified include the need to develop a robust supplier ecosystem, cut in logistics cost, enhance skilled workforce and enabling regulatory policies, the report added.
Meanwhile, despite the ongoing economic slowdown, companies in India are optimistic about generating more jobs in the near-term. India has ranked fourth-highest globally in the strongest sentiment for hiring in the fourth quarter of 2019, according to the ManpowerGroup Employment Outlook Survey. One-fifth of employers surveyed in India believe that there will be significant hiring in the forthcoming quarter. The top three countries ahead of India in the hiring sentiment are Japan, Taiwan, and the US. Within India, the strongest labor market is anticipated in the eastern parts, where the net employment outlook is 38 per cent, that reflects robust hiring prospects.