India's Manufacturing Sector Poised for Unprecedented Job Creation, Skilled Workforce in High Demand
NEW-DELHI: A Comprehensive report jointly conducted by Knight Frank India and the Royal Institution of Chartered Surveyors (RICS) has shed light on the crucial role of India's manufacturing sector as the second-largest employment generator in the country.
The current number of workers in this sector stands at an impressive 71 million (7.1 crore), and the report projects this figure to surpass the 100 million (10 crore) mark by the year 2030. This significant growth highlights the sector's potential to create more than 10 crore jobs in the next seven years.
The Report highlights the promising outlook for India's real estate sector, estimating its output to reach a staggering USD 1 trillion by 2030, up from the present USD 650 billion.
With a specific focus on skilled employment in the construction industry, the report identifies the current levels and gaps in the skilled workforce. It emphasizes that as India's real estate and infrastructure sectors continue to grow, the demand for skilled workers will surge exponentially. Technological advancements in the construction industry have amplified productivity, thereby magnifying the need for skilled workers.
According to the report, India's construction sector presently ranks as the second-largest employment-generating sector. However, it highlights that, of the estimated 71 million workers projected to be employed in the construction sector by 2023, a significant 81 percent are unskilled, leaving only 19 percent as skilled workers.
The Report identifies the key sources of demand for skilled workers, including developers, construction companies, and consulting firms. In order to meet this demand, the report anticipates that the supply of skilled manpower will be facilitated through various government initiatives, academic institutions, and training centers.
Quoting estimates from the National Skill Development Council (NSDC), the report reveals that the real estate sector absorbs a substantial 87 percent of the total skilled and apprenticed workforce, while the remaining 13 percent find employment in the infrastructure sector.
Within the manufacturing workforce of 71 million, 4.4 million constitute core skilled workers, comprising engineers, technicians, and clerical staff. The remaining 6.9 million workers are vocationally trained. The report highlights the critical need to address the skills gap in the construction sector to ensure robust economic growth and the attainment of employment goals.
