Most of the developed and developing economies are expected to grapple with talent crunch at that time.
India, skilled labour surplus, labour surplus, India is projected to have a skilled labour surplus of 245 million workers by 2030, mainly on the back of “vast supply of working age citizens”, even as most of the developed and developing economies are expected to grapple with talent crunch at that time, says a study. Organisational consulting firm Korn Ferry today said there is likely to be a “talent deficit of 85.2 million workers” by 2030 across the 20 major developed and developing economies that were covered in the study.
“This global skills shortage could result in USD 8.452 trillion in unrealised annual revenue by 2030 – equivalent to the combined GDP of Germany and Japan,” the study said. According to the study, India is the only country expected to have a surplus of highly skilled financial and business services labour by 2030. “India is projected to have a skilled-labour surplus of around 245.3 million workers by 2030, the only country in our study expected to have a surplus, owing mainly to its vast supply of working-age citizens and government programmes to boost workers’ skills,” it noted.