Scarcity of employable people to hit India’s growth prospects: Experts
Eighty-one per cent of Indian CEOs see talent shortage as the biggest hindrance to growth as India emerges as a knowledge-based economy.
Mumbai: Eighty-one per cent of Indian CEOs see talent shortage as the biggest hindrance to growth as India emerges as a knowledge-based economy. This growing need brings to light the severe inadequacies in India’s education infrastructure and delivery, particularly higher and vocational education. Imarticus Learning, a professional education institute focused on bridging the gap between industry and academia, says the gap between demand and supply of trained data analytics scientists will be two lakh by 2018.
“Projected growth in global data generated is estimated at 40 per cent per year. McKinsey predicts this will lead to approximately 2,00,000 data analytics jobs in the next few years in India alone and that 2018 will see demand for data scientists exceed supply by as much as 60 per cent,” said Sonya Hooja, director, Imarticus Lea-rning. Analytics is important as it helps banks and IT firms detect credit card frauds etc.
She said that the gap in supply in the banking and finance sector is expected to be between 80 lakhs and 90 lakhs (National Skill Development Corporation). The retail and corporate banking sector alone needs 14 lakh and 15 lakh trained people as banking operations are constantly changing and need to be upgraded.
The government resource allocation is inadequate to meet mandated targets, which means the funding gap has to be filled by industry and private participation. Imarticus, she said, is trying to reduce the number of days per course from the present 90 days to 30 days or lesser duration.
“Imarticus offers many programmes of two to three month classroom job-based training in finance and analytics, online programmes, and programmes in certification and corporate.
In three and half years, the company has trained around 10,000 people from 30-40 different banks.
( Source : deccan chronicle )
Next Story
