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India to face manpower shortage in future: PHDCCI

India to face manpower shortage in future: PHDCCI
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First Published: Sun, May 20 2007. 03 11 PM IST
Updated: Sun, May 20 2007. 03 11 PM IST
By PTI
New Delhi: Services and manufacturing sectors could face a shortage of 5-6 million skilled professionals in the next five years with the country’s educational centres ill-equipped to meet the industry’s demand, industry body PHDCCI said.
According to the PHDCCI, educational institutions in the private and public domain are not making organised efforts to create and upgrade skill sets of professionals to meet the future requirement.
“There are signals of manpower shortages already in the horizon with the growth rate picking up in recent years and wage rates getting overheated,” PHDCCI President Sanjay Bhatia said.
Manufacturing in India is getting highly digital and required skilled professionals, the chamber said, adding ITIs are still producing manpower with outdated skills, hence making its difficult for the industry to accommodate them.
Services sector, which is growing faster than agriculture, requires more than three million skilled professionals per annum, it said. It said the demand in services would be fuelled by sectors like IT, ITeS, banking, hospitality, retail and insurance among others.
The chamber said if the country failed to meet the increasing demand, cross company poaching would further aggravate distortions in the job market. Upgrading ITIs would require greater investment and public-private partnerships, the chamber said.
The Government should set up a task force to realistically asses the manpower requirements, the chamber suggested.
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First Published: Sun, May 20 2007. 03 11 PM IST
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