New Delhi: India will need 30 million digitally skilled professionals by 2026, and about 50 per cent of the current workforce would require re-skill themselves in areas of emerging technologies, a new report said in February.

Currently, India has about 500 million people of working age, and industry data suggests that only 49 percent of total youth (age group of 22-25 years) in the country is employable, according to employment services provider TeamLease.

“Our own survey has indicated that 75 percent of companies face a skill gap in the industry. Even among people who can stay in their current jobs, 40 percent of fundamental abilities are likely to change and thus re-aligning the skill strategy will be crucial for companies,” said Rituparna Chakraborty, Co-Founder & Executive Director, TeamLease Services.

Moreover, the report suggests that for developing a skills matrix, conducting skill audits to target specific learning journeys, and intermingling upskilling within the company culture, a comprehensive skill development strategy will lead to a more sustainable future of work. The proposed suggestion also includes having an effective outcome-focused learning approach with structured impact evaluation metrics.

“Over 2 million jobs in AI, Cyber Security, and blockchain are expected to remain unfilled in 2023. Additionally, the workplace is evolving so rapidly that 76 per cent of the global workforce is not equipped with the requisite skills to function in the new digitally focused workplaces,” mentioned Chakraborty.

“The long-term goal of all skill development programs must focus on the creation of a future-ready and future-proof workforce for that is the only way we can tackle the fluctuations in the world of work and infuse a sense of greater stability. The adoption of sustainable skill development thereby creating a healthy talent pipeline in any country is the only way to address the vagaries of talent Inequity.”

According to the World Economic Forum, investing in upskilling could boost India’s economy by $570 billion by creating 2.3 million new jobs by 2030, the report said.