During BJP’s election campaigns, employment and job generation was the least talked about but the winning party is taking this as a challenge. Job priority is the top priority for the government. There are talks about a ‘national policy’ for reskilling and upskilling Indian youths in technological sectors with artificial intelligence (AI), machine learning and the internet of things (IoT). BJP’s manifesto had also highlighted reskilling as a priority area for the government.
A senior official revealed that there is an increased demand for the right-skill sets in the field of AI and analytics. A study shows that 57% of companies have openings for engineers with AI skills. It states that with each passing year, the trend of adoption of AI and machine learning is growing. In 2018, an independent IT outsourcing advisor had said data scientists are the backbone of any service offerings based on IoT, machine learning and AI. “Any company with a higher number of data scientists will always have more competence in the digital services space.”
And to bridge this skill gap, firms in India are investing in employees to train them in data science. A good example is Wipro as it trains employees through its newly launched School of Decision Sciences, in new-age skills focusing on analytics and business insights.
The government has identified various sectors for reskilling, it includes banking, financial services, and insurance (BSFI) sector, IT/ITes (information technology enabled services), manufacturing, e-commerce, retail, logistics, healthcare, and telecommunications. The senior official said the ministry is expected to incentivize sector skill councils as well as youth to undertake reskilling. According to Analytics Insight, sectors such as IT, FinTech and e-commerce will recruit the maximum AL, machine learning and deep learning professionals as they rely on analytics, business intelligence and cloud for industrial automation. “The emergence of new age digital technologies like blockchain, Edge Computing will propel a good demand for data scientists to gather, process, synthesize and analyze volumes of structured and unstructured data for business gains.”
About 40% of India’s total workforce, according to a NASSCOM Report, has to be reskilled over the next five years to keep up with emerging trends of AI, IoT, machine learning and blockchain. India is expected to be in the top three big data analytics markets by 2020. The Analytics Report 2018 – Analytics Peepal Recruitment Experts for Analytics Talent highlights that the Analytics industry in India is currently estimated to be $2.03 billion annually in revenues and is growing at a healthy rate of 23.8% CAGR. NASSCOM also highlights that the India Analytics industry is predicted to reach $16 billion marks by 2025. And if this happens, India will capture 32% of the global big data market.