An estimated 70% of India’s workforce is under the age of 35 and the country is heading towards a population crunch in the coming decades, with a growing population that needs to be addressed, according to Amitabhan Kant, president of the Indian Institute of Management.
Kant said India has to have a workforce of at least 70 million to cope with rising population pressures, but it has to do so quickly as it has not been able to attract the people needed for job creation in the past.
In the past, there were two types of people in the country, he said.
One was people who were drawn to the country for its natural resources and the other, to the jobs.
In India, the two types are now diminishing.
The country’s population is rising by about 6 million a year, and the number of young people is also increasing.
Kaleesh Sharma, managing director at the global recruitment firm Talent Capital, said the trend has been accelerated by the country’s rapid economic growth, the rising number of educated and tech-savvy people, and increased awareness among the population.
India has the largest number of college graduates in the world, but this is going to decline over the next few decades.
That is, as the workforce becomes more educated, it becomes less likely for young people to opt for work.
India’s population has grown by 4.7 million people since 2000.
As of last year, the country had an unemployment rate of 12.9% and the labour force participation rate was 57%.
It has a low level of youth unemployment and is in line with other developed countries, according the World Bank, which also has a global unemployment rate in the range of 6.7%.
The workforce in India is ageing and is not growing.
The population is projected to increase by 1.7 billion people between 2021 and 2060.
The workforce needs to grow by a further 4 million by 2030 to maintain a growth rate of 6% or more, according TOI’s Population Division.
India has more than 9 million skilled workers, which means they are the mainstay of the economy.
India is the world’s second-largest exporter of skilled workers and is ranked second in the number.