Over the past couple of years, the labour market has been going through a transformation. The pandemic has rolled out new work models across the globe and India has not been an exception in terms of their adoption. The pandemic required Indian industry to adopt these dynamic changes at the workplace, and a major transformation was the adoption of a hybrid workforce.
Some of the work areas that one could never think of doing virtually, were adopted and the transition to the new normal was quite seamless, though it was slightly time-consuming. The positive facet is that the pandemic-induced new normal was adopted at a much faster rate than it would have been otherwise. This has proven to be beneficial for a lot of companies, setting up new business models, and with
improved productivity and growth.
While these new models came with a lot of opportunities for growth within organisations, they also highlighted the significance of having effective employee engagement, and companies going forward will have to focus on strengthening the health and wellbeing of their employees.
Emerging Opportunities
Job markets in India look promising, especially in the manufacturing sector. Manufacturing is the strength of a developing economy, and it also addresses a key component of economic growth, which is job creation. Boosting the core manufacturing segments and MSME sector will further create employment potential and increase opportunities in the coming years. While we are at the cusp of industrialisation, we also need to realise the significance of having a strong industry-academia partnership, to promote growth opportunities and have students become ‘future-ready’ with the right skill-sets. Digital transformation is bound to change the look of job markets going forward, and the faster the workforce adapts to this new normal, the better employability rate the country poses.
Harnessing its demographic dividend would be an opportunity for India compared to its global peers, as we see that the world is ageing, while our country is still young in terms of talent. Quoting the India Skill Report 2023: “If India’s demographic dividend is productively leveraged, growth prospects will brighten, helping it leapfrog its GDP from the current $3 trillion+ to double by 2030.”
Measures to Aid Youth
The skill ecosystem in India is seeing some great reforms and policy interventions, which are reinvigorating and re-energising the country’s workforce today; and preparing the youth for job and growth opportunities in the international market. The Prime Minister’s flagship scheme, Pradhan Mantri Kaushal Vikas Yojana (PMKVY), has till date seen close to 1.37 crore people get skilled and prepared for a new successful India.
Various initiatives taken by the Union Government, including the PLI scheme, have started yielding results. Data from Employees’ Provident Fund Organisation (EPFO) over the past few years also highlights how much the government’s policies regarding employment have improved the situation. The first half of the ongoing financial year (H1 FY23) saw 87.1 lakh new formal jobs being created across the country, according to EPFO data.
This is a 35 per cent increase, compared to the year-ago period. As India takes over the G20 Presidency, Indian industry’s proactive participation through the B20 (Business 20) would bring in renewed strategy for businesses to strengthen global collaborations that will foster economic stability, progress and growth, thereby ensuring opportunities for youth to participate in the nation’s growth story. Given this, 2023 would be a very promising year for the country’s youth to fulfil their career goals.