Holding the G20 Presidency for the year, all eyes are on India and how this global congregation shapes the country and its talent landscape.
India is going places, and quite literally. After the historical soft landing of the Chandrayaan 3 on the moon, more fanfare and festivities await the country as the national capital dons its spirited apparel to host the G20 Summit 2023. One can hardly walk out of the Indira Gandhi International Airport without being buoyed by the vivacity on display. For India, hopes are high and so are the stakes as policies and partnerships of weight in the areas of trade, energy, sustainable development, health, agriculture, and more are highly anticipated out of this 2-day event.
Responsible for over 70% of global trade, G20 nations are some of the world’s largest markets in sectors ranging from retail, telecommunications, and financial services to healthcare, travel and tourism, and more. Comprising of these economic and technological giants along with invitee nations and international organisations, outcome-oriented decisions that make a positive impact worldwide are eagerly awaited by all stakeholders. Holding the G20 Presidency for the year, all eyes are on India and how this global congregation shapes the country and its talent landscape.
Home to over 1800+ Global Captive Centers, the Indian economy is poised for unmatched growth in terms of foreign investment over the next few years. Operating in segments like BFSI, IT/ITeS, Retail, Oil and gas, and various others, the pull that mostly makes global organisations gravitate toward India is its abundance of qualified talent. Factors like ease of doing business due to friendly foreign investment policies, low operational costs, a thriving startup ecosystem, etc. contribute highly to the decision as well. However, labor arbitrage continues to be one of the critical reasons for global players wanting to expand to India.
Fostering remarkable talent potential, there are expected to be nearly 1.04 billion people in the working-age population by 2030 in India. Furthermore, the country will lend about 24.3% of the incremental global workforce in the coming decade. Advanced nations with a shrinking population of working-age individuals have already gone location-agnostic in hiring and are turning to foreign nationals for their workforce. Apart from supplementing the overseas talent demand, India, with its increasing number of active workers, adds exponentially to its cache of knowledge, expertise, innovation, and digital transformation.
As far as anticipations go, the talent ecosystem of the country will tremendously impact enterprises in the G20 nations. As new developments are concocted at the summit, multiple new business opportunities will emerge for companies worldwide. Already well on its way to becoming the global capability hub in talent and technology, India will definitely turn out to be the missing piece of many business expansion puzzles. To further their progress, Indian working-age individuals will become the backbone, especially in emerging technologies like cloud computing, AI/ML, Data Science, Cybersecurity, Blockchain, and more.
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While the impending impact on businesses is undeniable, we also expect the local talent market to be shaped by the influx of GCCs. Reports have suggested that Global Captive Centers have developed at least 60,000 professionals in leadership positions within 5 years in India. Diversity being one of the major components of a global workforce, these offshore units also happen to represent nearly 40% of the inclusive workplaces in India. To extend support to academia, GCCs have made R&D-related investments in academic partnerships worth up to $10 million. This enthusiasm to not simply leverage the local resource pool but to enhance it sustainably will undoubtedly add value to the country’s workforce and add a competitive advantage.
As already stated, the journey India has been on seems only to be propelled in another direction of growth and promise by this summit. To contribute and extract benefits from these new developments, our workforce will be at the forefront. Pursuing its own mission to become a superpower in the next few decades, India is also turning every odd in the favor of its talent ecosystem. So even as the G20 is for the weekend, one feels that the spotlight on India is going to be well beyond it.
