India may have garnered a lot of attention for its global policy changes and ease of doing business. But as far as the job revolution is concerned, despite its highly favorable demographics, India seems to lag in its preparation. A Silicon-valley based e-learning firm assessed that India dawdles in two out of three future skills – data science, technology, and business.
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While the consumer and consulting are equipped with better skill sets, manufacturing and technology see better availability in business skills. Sectors such as finance, insurance, healthcare and automotive possess significantly lower skillsets and have to still catchup. The Annual Employability Survey 2019 found that at least 80% of Indian engineers are not employable and only 2.5% of them have the AI or Artificial Intelligence skills required by the industry. In the past nine years, with only a handful of them possessing next-gen tech skills, there has been no change in the employability prospects of Indian engineering graduates. The report also states that a systematic and fundamental change has to be brought in to deal with the high unemployability numbers, which would help the ad-hoc changes in the Indian higher education system.
Statistics
India, lower at 50th spot in business skills, and 51st in data science is ranked 44th out of the 60 countries in the technology domain. 90% of developing economies and two-thirds of the world’s population is falling behind in critical skills. Europe emerged as the most skilled region with 24 countries in the EU region taking the top spots across the three domains.
It is one of the biggest markets for learning. Even Coursera boasts of about 3.9 million learners and the highest course completion rate of 60%. While the country does display a relatively strong inclination towards technology, these are primarily general computer science skills, software engineering, databases, and others. Sales are strong as well, but communication, management, and accounting and finance skills have a little bit of catching up to do. The population seems exceptionally good at mathematics leaving a lot of room for data science skills but yet the country lags in statistics and the machine learning space.
Its demographic dividend in an otherwise aging world, India is sitting on an untapped goldmine and with an average age of just 29 years, it will be the youngest country in 2020.
NYINST is trying to put India on the Global Skills Index with its GTM programs.
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