Signals from India - Work for All, and required skills
Future Watch - Signals from India –series opens up seven identified key trends that affect the future of India in various levels. The signals are driving a change in society, culture and economy and, at the same time, opening new opportunities for businesses. The first one of the signal series is #Work for All: and required skills.
Rapid reshuffling of the job market
There are several indicators for a major change in the Indian job market: closed-border policies of developed nations (e.g. US, UK and Australia) and rise of automation. Especially IT services and the manufacturing sector face a threat of unemployment as companies turn the attention towards systematic thinking (data analytics, design and architecture) and soft skills (e.g. sales, nursing and hospitality). The changes indicate a new wave of 're-skilling' and 'continuous learning' as employees intend to keep up with the competitive job market.
The influence of the changing paradigm is significant - India's big data industry is estimated to account for 32 % of the global market by 2025 being worth of USD 16 billion. Due to the increase of automation, soft skills will be valued in the future Indian job market. These changes create opportunities for new re-skilling and training solutions. Also the travel and tourism sector is booming with an estimated 2% annual rise and a potential of creating 46.42 million jobs by 2026.
Education has been one of the major issues hindering the progress of Indian economy. A solution for improving education is the emerging Ed-Tech trend that refers to self-learning through internet-based media such as YouTube, Wikipedia, Edu-apps etc. The growth of Ed-Tech derives from reduced prices of smartphones, rapidly growing availability of (public) Wi-Fi and lower costs of internet data.
Ed-Tech has also been one of the most promising startup sectors in the last few years and is estimated to grow rapidly over the next 5 years. Ed-Tech companies in India raised around USD 323 million in 2016, in comparison to USD 98 million in 2015. The growth of Ed-Tech arouses opportunities for hybrid teacher training methods (e.g. human + AI) for continuous learning, for virtual partnerships between schools and for applying the flipped classroom model to India.
The government of India launched the 'Skill-India'-program in 2015 to increase the rate of employability. A total of USD 2.6 billion in the 2017-2018 fiscal budget has been allotted to the initiative. The project has many sub-branches that aim at training over 400 million people in India in different skills by 2022. It also facilitates the recognition and certification of the employable skills of the youth. The ministry plans to set up 100 India International Skills Centers that will conduct advanced courses in foreign languages. Several large companies have already adapted the program as a part of theri CSR acitivies.
New opportunities that emerge from the Skill India-program include for example language and other training through Ed-Tech, educational tourism and re-skilling of the elderly.
Following key trends to be published soon in Signals from India –series:
#Work for All: and required skills
#Accessible and precision heath care for all, new innovations
#Women empowerment, growing role of women
#Elected dictatorship - win or lose for the country
#Environment - access to drinking water
#Ethics of AI
#Change in family fabric – social isolation, insecure individuals
Please find the video of the complete series attached below.
Sari Arho Havren
+85 26 895 5221
Partner in India of Tekes, the Finnish Funding Agency for Innovation
New Delhi –India
Mobile India +91 7838 043030
Mobile Finland + 358 50 599 5205