India can be counted among countries who have galloped. Be it development or population, India has progressed quite a bit in last few years. We have talented youth who are quite dedicated. It is quite staggering, but India has the potential to challenge America in terms of development.
This is what a global executive search firm concluded recently. The world is currently experiencing a global talent crisis which is known to be adverse for many countries. It will cost various countries $8.5 trillion by 2030. The only country that will be safe in such scenario is none other than India. It is because it is the only major world economy with potential for talent surplus. After beholding India’s development, one can safely assume that it will be on the top, sometime in future. It has the caliber to compete with America on platforms like technology, media, and telecommunications.
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Currently, India is facing the problem of overpopulation. This is one of the reasons for the decrease in the number of jobs thus resulting in talent surplus. What is India doing to make its people aware of this situation? The amendments in the education system from grass root level are occurring with a positive outlook.
“Left unchecked, the financial impact of this talent shortage amounts to $8.5 trillion in unrealized annual revenue globally over the next 12 years,” was pointed out.
A research has been conducted in 20 countries. The areas on which this research was based were financial and business services, TMT, and manufacturing. These areas were taken as a base for the research because they are the drivers of global economic growth.
“To study the growth rate of various economies is important to gain more and more,” said Korn Ferry.
The study concluded that shortage of imminent skilled labor would shift the global balance by 2030. If this situation is not corrected, it will perhaps lead to adverse outcomes. Undoubtedly, due to this acute global labor shortage of 4.3 million TMT workers, the technological advancement will be adversely affected by 2030.