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88% of India’s workforce in low-competency occupations: IFC Report
Economic Times
·
1m ago
Medial
The Institute for Competitiveness (IFC) reports that 88% of India's workforce is in low-competency sectors, with only a small percentage receiving vocational training. Five sectors—IT and ITeS, textiles, electronics, healthcare, and beauty—dominate vocational training. The report highlights the urgent need for targeted policy interventions to enhance skills education, recommending the establishment of a standardized data collection system and encouraging industries to hire from skill-certified pools to bridge the skill gap and align with industry demands.
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Low pay, poor work culture: Why women in blue-collar jobs are struggling
Livemint
·
14d ago
Medial
Despite their growing numbers, women in blue-collar and grey-collar jobs in India face significant challenges. These include low pay, long commutes, and rigid work cultures, leading to low job satisfaction and high attrition rates. According to a report by the Udaiti Foundation and Quess Corp Ltd, 52% of women in these roles plan to leave their positions within a year. Approximately 3.9 million women form an essential part of this workforce across various sectors.
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India set to boost manufacturing share to 3% of global trade in five years: Accel
YourStory
·
4d ago
Medial
India's manufacturing sector is projected to increase its global trade share to 3% by 2030, spurred by advanced manufacturing, policy reforms, and a skilled workforce, according to a report from Accel. The sector's domestic value could reach $1.3 trillion, up from the current $471 billion. Key areas for growth include aerospace, electronics, and automobiles, with India positioned as an alternative manufacturing hub amid global geopolitical shifts. Challenges include low R&D investment and workforce employability.
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Indian unicorns see net workforce decline amid layoffs, restructuring: report
Economic Times
·
7m ago
Medial
Unicorn companies, or startups valued at $1 billion or more, experienced a decline in workforce in India. According to a report, the attrition rate for Indian unicorns was 4.5% in the 12 months leading up to August, resulting in a reduction of about 6,700 employees. However, some unicorns managed to maintain low attrition rates, such as Zerodha, Zoho, and MapMyIndia. The report also highlighted a hiring surge in March 2024, led by companies like Paytm and BigBasket. Mumbai-based unicorns saw the largest decrease in employees, while Delhi-NCR witnessed the highest increase.
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National Technology Day: India targets $500 billion revenue from tech industry by 2030
Economic Times
·
3m ago
Medial
India’s technology sector aims to achieve $500 billion in revenue by 2030, propelled by strategic investments in AI, cloud, and cybersecurity. With a workforce expected to reach 5.8 million by FY25, and key growth driven by strong global demand and expansion in various sectors, the industry is on track to contribute 10% of India’s GDP. Government initiatives and private investments further bolster the sector’s potential, marking a significant leap in India’s digital transformation.
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Family Businesses Power 79% of GDP, But Only 7% of Heirs Willing to Step In
OutlookIndia
·
2m ago
Medial
Family businesses drive 79% of India's GDP, yet only 7% of heirs show willingness to take over, according to an HSBC report. Despite 88% of entrepreneurs having confidence in the next generation's ability, many don’t expect their children to continue the family business. Succession planning remains crucial, with 79% of business owners intending to pass their businesses to family members. Younger entrepreneurs report a high level of trust from predecessors, indicating potential challenges in transitioning leadership.
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India becoming key pillar to the China+1 strategy for global auto OEMs: EY-Parthenon
Economic Times
·
1d ago
Medial
India is becoming a vital part of the China+1 strategy for global auto OEMs, which aims to diversify supply chains and reduce dependency on China. A report by EY and Parthenon highlights India's appeal due to low manufacturing costs and government incentives, such as the Production-Linked Incentive (PLI) Scheme, boosting exports. India's political stability, large market, and dynamic workforce further enhance its attractiveness as a manufacturing hub, driving its rise as a global auto component export leader.
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AI-driven transformation to augment 50% of Asia-Pacific workforce by 2025: report
Economic Times
·
1y ago
Medial
According to a report, AI-driven transformation is expected to enhance the capabilities of 50% of the Asia-Pacific workforce by 2025. This transformation will involve upskilling the workforce, leveraging automation, and integrating AI technologies into various industries. The report suggests that AI will create new job roles while also augmenting existing ones, rather than replacing human labor altogether.
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IFC lifts India exposure for second year in a row as local portfolio nears $9 bn
VCCircle
·
8m ago
Medial
The International Finance Corporation (IFC) has increased its investments in India for the second year in a row, nearing a total portfolio of $9 billion. The IFC is focusing on private equity and venture capital funds, as well as making direct investments in local companies. Wendy Werner, the India Country Head for IFC, is leading this effort to expand the organization's exposure in the Indian market.
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Bumble layoffs: Dating app to cut 30% global workforce, impacting over 240 roles - The Economic Times
Economic Times
·
1m ago
Medial
Bumble is cutting 30% of its global workforce, affecting over 240 roles, to focus on strategic priorities and save approximately $40 million annually. The savings will be reinvested into product and technology development. The company expects costs for employee severance and related expenses to range between $13 million and $18 million. Bumble's revenue for the next quarter is anticipated to be $244 million to $249 million, with adjusted EBITDA of $88 million to $93 million.
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50% of India’s Workforce Unskilled in FY24-25, Says upGrad Enterprise Report
StartupTalky
·
2m ago
Medial
The upGrad Enterprise report reveals that 50% of India's workforce remains unskilled in FY24-25, highlighting significant gaps in corporate training strategies despite efforts to prioritize upskilling. The study highlights the misalignment between corporate training approaches and employee needs across different generations, with many firms lacking formal skilling strategies and relying heavily on mandated training. The report advocates for personalized, outcome-focused training models addressing generational preferences, urging India Inc. to enhance skilling efforts to boost workforce effectiveness.
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