Employment Outlook 2012 - India

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Employment situation of India in 2012

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EMPLOYMENT
OUTLOOK 2012
INDIA
Over the next 10 to 20 years, the
already large portion of the population
within the working-age cohort (62% in
2005), will continue to expand further,
implying a significant increase in the
supply of labor. India will likely add
close to 250 million workers to the
labor pool between 2005 and 2025.
Furthermore, there are nearly 30 million
young people putting themselves through
more education in the hope of being
able to access better jobs. The number
of young people in secondary and
tertiary education is at least 55 million.
Estimates indicate that India needs at least
55 million additional jobs by 2015 to maintain
the current ratio of employed people to
total population at 39%. This would be
nearly twice the jobs created during 2005-
2010, according to a report from CRISIL
Research, an independent research house.
The Indian economy projects it will create
87.37 million new jobs by 2015, according
to a report by the Associated Chambers
of Commerce & Industry (Assocham).
The most significant growth will come
from the manufacturing sector, which will
add 32% (27.88 million) of the new jobs.
Trade will be next with 24.24 million jobs,
following construction with 15.13 million.
Tourism-related employment, information
technology (IT) and IT-enabled services
(ITeS), and financial services will also grow.
In the longer term, India is aiming
to create 100 million jobs in the
manufacturing sector by 2020.
India’s labor force is
forecast to expand
tremendously in the
long-term. With the world’s
second-largest population
of 1.2 billion, India already
has tremendous potential in
terms of labor resources.
INDIA
POPULATION
UNEMPLOYMENT
2012: 1.26 B 2016: 1.32 B
6.3
%
2012: 9.7% 2016: 8.7%
1.0
%
2
Source: IHS Global Insight
INDIA
GOVERNMENT ACTION TO
ADDRESS SKILL SHORTAGES:
EDUCATION: The country has set a target
to upskill 500 million people by 2022.
The most significant part of the plan is
to create a large talent pool through
Modular Employable Skills (MES). The
main objective of the scheme is to provide
employable skills to school leavers,
existing workers, ITI graduates, etc.
IMMIGRATION: The country has recently
removed the quota on employment
visas, in favor of requiring a minimum
annual salary for foreign nationals. This
new requirement is aimed at attracting
only highly-skilled foreign talent.
3
KEY INDUSTRIES
AUTOMOTIVE • By 2016 the size of the Indian automobile industry is expected to grow by 13%, to reach USD 120-159 billion.
• Passenger vehicle sales and production is expected to grow by 14 to 16%
over 2011 to 2021, reaching over 9 to 10 million units annually.
• The auto component industry has shown a consistent growth rate of about 20%
since 2000 and the rate is expected to remain consistent until 2015.
• The Indian auto industry is projected to be short 300,000 skilled personnel
by 2020 across functions including R&D and manufacturing.
• According to industry experts, India is poised to become the third
largest car market by 2020 after the US and China.
ENERGY • India’s emerging green jobs sector holds out the promise of 10.5 million jobs by 2020
as investments in energy efficiency and renewable energy technologies soar.
• The wind sector in India predicted to be worth USD 13.1 billion in 2020
and could create between 150,000 to 250,000 jobs.
• The solar industry, predicted to be worth USD 7.0 billion, could generate between
117,000 to 235,000 jobs by 2020 and small hydro and biomass sectors are expected
to be worth USD 5.9 billion and USD 7.0 billion respectively in 2020.
FINANCIAL
SERVICES
• The Indian banking industry is poised to mark USD 28.5 billion by
2025 from the asset size of USD 1.4 billion in 2010.
• Banks are venturing into new avenues such as wealth management, private banking, doorstep
banking, credit cards, investment advisory services and various financial products.
• India’s insurance industry is projected to reach USD 350-400 billion in terms of premium income by 2020.
INDIA
KEY INDUSTRIES CONTINUED
HEALTHCARE • The Indian healthcare industry is witnessing growth at a rapid pace and it is expected the sector will
reach USD 75 billion in 2012, USD 150 billion by the year 2017, and USD 238.8 billion by 2020.
IT • The Indian market for IT products and services is expected to consolidate its growth achieved
in 2010 and increase from USD 19.7 billion in 2010 to USD 41.2 billion by 2015.
• India is poised to become the hub for Engineering Process Outsourcing (EPO), with its market size estimated
to touch USD 30 billion annually by 2015, attracting 25% of the USD 70 billion global EPO industry.
• The number of tech jobs in India continues to soar, with the three largest information-
technology services companies planning to add tens of thousands of workers.
• The Indian Staffng Federation’s eight key members predicted that the demand for contract
staffing by tech providers will go up by 40% to 45% between 2012 and 2014.
PHARMA/
BIOTECH/R&D
• The Pharmaceuticals industry is projected to grow at a CAGR of 10 to 20% to reach a value
between USD 50 and 74 billion by 2020 from the 2009 levels of USD 12.6 billion.
• The Indian diagnostic market is projected to grow at a CAGR of more than 22% between 2010 and 2012.
• It has been estimated that the biotech industry is poised to target a total turnover of USD 8.6 billion by the end of
2015 (from USD 2.9 in 2010) which would be possible if there will be a growth rate of about 30% year on year basis.
• India constitutes around 8% of the world’s pharmaceutical production and is expected
to be a top 10 global pharmaceuticals markets in terms of sales by 2020.
4
ABOUT KELLY
Kelly Services, Inc. (NASDAQ: KELYA, KELYB) is a leader in providing workforce
solutions. Kelly
®
offers a comprehensive array of outsourcing and consulting
services as well as world-class staffing on a temporary, temporary-to-hire and
direct-hire basis. Serving clients around the globe, Kelly provides employment
to more than 550,000 employees annually. Revenue in 2011 was $5.6 billion.
Visit www.kellyservices.com and connect with us on Facebook, LinkedIn, & Twitter.
SOURCES
IHS Global Insight
“India must be aware of the dangers posed by jobless growth,” The Guardian, 07/14/2011.
“India needs 55 million more jobs by 2015: CRISIL,” The Hindu, 08/16/2011.
“India plans manufacturing policy to boost job creation,” The Economic Times, 08/19/2011.
The future redefned: Asia Pacifc at an infection point. PwC. 2011.
Global Talent Risk – Seven Responses. World Economic Forum. 2011.
Market Analysis: APAC Talent Shortages. Kelly Services Marketing Information. July 2011.
Industry Profles. DataMonitor. November 2011.
EIU’s 2011 IT Industry Competitiveness Index
Seven APAC Economies In Top 20. AsianScientist.com. September 27, 2011.
The Skill Development Landscape In India And Implementing Quality Skills Training. ICRA Management Consulting Services Limited. August 2010.
India: Authorities Eliminate Employment Visa Quota. www.totallyexpat.com. October 2010.
Putting Higher Education to Work: Skills and Research for Growth in East Asia. The World Bank. 2012.
“Tech Job Growth in India and the US,” MarketWatch, 09/02/2011.
“Indian auto industry to witness major changes in a decade of growth & opportunities, suggests Ernst & Young report,” Ernst & Young, 01/10/2012.
“Exploring Top 10 Business Sectors in India,” PR Log, 08/04/2010.
“Top Sectors In India To Invest In 2011-2012 From The Economy Of India In Indian Stock Market,” www.asliaq.org/.
“Clean energy sector in India to create 10.5 million jobs by 2012,” Development Channel, 05/10/2011.
“Temp’s the in-thing in IT companies,” The Times of India, 01/27/2012.

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