New Delhi: An enormous potential exists for the Indian workforce, especially in blue-collar employment, as a result of the impending global labour shortage, which is predicted to reach 45 to 50 million by 2030.
According to specialists at the Boston Consulting Group (BCG), nations like the US and the UK will need millions more workers to cover the shortages brought on by ageing populations and declining workforces. This is a concerning prediction.
These revelations were made by BCG Managing Director and Senior Partner Rajiv Gupta on Tuesday at the GATI Foundation’s New Delhi inauguration. About 11 to 12 million workers are needed in the US, followed by 5 to 6 million in the UK, according to Gupta, who stated that 20 countries will meet 90% of the world’s labour requirement.
Significant labour shortages are also anticipated in other countries, such as Poland, Hungary, the Czech Republic, South Korea, Germany, Russia, Japan, Canada, and the Netherlands.
Gupta emphasised that India must establish a strong institutional structure to strategically take advantage of this worldwide opportunity.
For Indians hoping to work overseas, there are still many obstacles to overcome despite the bright future. Gupta noted that for many people, the high expense of obtaining internationally recognised skills and credentials continues to be a significant obstacle. He called on the Indian government to address this by implementing financial aid programs, such as low-interest loans or scholarships, that are especially designed to help those pursuing globally recognised qualifications.
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