The globe has witnessed a fall in the number of unemployed over the past few years in a number of its regions. This has been in part due to the availability of better media for awareness and urbanization of the remotest areas. But a part of it has also been due to the improvement of the various industries themselves. A better developed, expanded and growing industry has more space for both, skilled labor and raw talent.
However, information technology, that once has the best job categories and prospects, has seen a considerable decline. Massive layoffs across the multi-billion-dollar sector make the future possibilities for employees appear bleak.
Why hasn’t the IT sector been able to create more jobs?
- The existing redundancy
- Lack of skilled labor
- The growth of the West
In the past, a number of foreign companies contracted their work to strong Indian IT firms like the Infosys and Wipro. So, every computer engineer who had the necessary skills had a job in hand. But now, automation has taken over all clerical tasks. The job profiles that are now vacant in the IT sector require in-depth knowledge of technologies like cloud-computing, robotics and a lot more. Since most engineers honed here do not taste this in their years of education, they aren’t job-ready.
So, although the IT sector continues to grow, job prospects for the natives are receiving a plummet. It is noteworthy that although technology is being integrated at a matched pace in the automotive market too, job prospects there are continuing to thrive and are, in fact, on the rise.
How the automotive sector has overcome this
While the IT sector is receiving a boost from the west, India is moving on towards becoming the third largest auto market in the world. All this with the new approach of going completely electric by 2030. This means that the automotive sector is heated up with processes of producing conventional engines and EVs going on in parallel.
A pervasive research highlights the need for a large workforce including both, accomplished individuals and fresh graduates who can be trained. This is because the whole industry is gaining a new face where ideas of the new generation are as welcome as the admin power of the existing luminaries.
Will this contribute to the growth potential of the country?
Considering the BRIC economies, it has been observed that countries other than India, in their developing phase, had a majority of people employed in the fastest growing sectors. This had a majority of the workforce being involved in contributing towards a quick rise in the GDP. But, as a worrying trend, India hasn’t been doing so say the chief economists of our country.
Moreover, market research reports claim that, of the total number of businesses in India, most work with an employee strength below 10. This data can be misleading. In our nation, this category is dominated by individual workers and freelancers. These are not as good a contribution as mid-size businesses actually are to a nation.
With growing opportunities in fields growing apace, a greater proportion of the population trying to leverage them will surely be a boost to the nation’s economy.