A report by FICCI named, Future of Jobs in India – 2.0, says –
“Globally, the sharing economy is estimated to grow from USD 14 billion in 2014 to USD 335 billion by 2025. Similarly, the automotive industry is on the verge of a major disruption with innovators such as Tesla Motors trying to redefine the underlying dynamics of industry competition. Exponential technologies are also facilitating the emergence of an online labour economy popularly known as the ‘gig-economy’. The gig-economy is facilitating outsourcing and offshoring of jobs beyond the boundaries of corporate towers in the form of short-term, part-time contractual or freelance work arrangements. Today disruptions are transforming business models. More recently, globalization and technology have collectively disrupted business operations. That said, industry experts predict, a greater disruption due to change in global demographic patternslike rising middle class and millennial workforce.
Presently, tech innovations like AI, Machine Learning, Robotics, Internet of Things (IoT) and Blockchain — have disrupted business models in unthinkable ways, changed consumer behaviour. Result? Start-ups deftly unsettling traditionally established industries. Through affordable, accessible and scalable services, startups like Uber, DiDi, Lending Club and Airbnb have revolutionised the business ecosystem.
The past few years have come up as a bag of surprises for everyone. IT/ Software are no longer the only sector that is creating maximum jobs. While a lot of sectors have cut down the jobs, the newer ones are opening their arms for talents. The hiring trends do vary in industries depending upon the demand and supply. However, if you notice the trend in India, the demand for employment has always been lower than the supply of employees. When the youth in the country is striving to get a job in the mainstream fields, some emerging industries in India have been raising the employment prospects in the country.
Following are the emerging industries that are boosting employment across the globe including India –
Making people fit is a serious business nowadays. With all the fitness startups like SQUATS, Curefit, GOQii, HealthyifyMe, Fitternity etc. coming into the picture, the job scope for fitness enthusiasts have increased. And not just the jobs some of these startups are helping their coaches earn a very good amount of money as well. According to SQUATS, a fitness solutions company, the average pay that their coaches are earning is 89,000 INR per month and the highest pay goes up to 3.25 Lacs INR (approx.).
Media & Entertainment
According to a reputed consulting firm PwC, India’s media and entertainment (M&E) industry is set to grow at a faster pace of 10.55% CAGR, outshining the global average of 4.2% CAGR. This sector is witnessing tremendous growth in theme parks, screens in the multiplexes, growth in the restaurants franchisee and many more avenues.
Health & Pharmaceuticals
As per the report of Indian Brand Equity Foundation (IBEF), India is experiencing 22-25 per cent growth in medical tourism and the industry is expected to double its size from present (April 2017) US$ 3 billion to US$ 6 billion by 2018. In a nutshell it is expected that in the next two to three years, the job seekers in this sector are open to rejoice with so many jobs coming up in this sector.
Total contribution by travel and tourism sector to India’s GDP is expected to increase from Rs 15,24,000 crore (US$ 234.03 billion) in 2017 to Rs 32,05,000 crore (US$ 492.21 billion) in 2028. According to WTTC, India ranked 3rd among 185 countries in terms of travel & tourism’s total contribution to GDP in 2018. During January-July 2019, Foreign Tourist Arrivals (FTAs) were 60.84 lakh with the growth of 2.1 per cent. In July 2019, Foreign Exchange Earnings (FEEs) were Rs 18,191 crore (US$ 2.64 billion) with the growth of 7.2 per cent from July 2018-July 2019.
Under the Swadesh Darshan and Prashad scheme various projects has been sanctioned of worth Rs 550 crore (US$ 78.70 million). As of 2017-18, 81.1 million people are employed in the tourism sector in India which was 12.38 per cent of total employment in the country. The Government of India has set a target of 20 million foreign tourist arrivals (FTAs) by 2020 and double the foreign exchange earnings as well. The launch of several branding and marketing initiatives by the Government of India such as ‘Incredible India!’ and ‘Athiti Devo Bhava’ has provided a focused impetus to growth. (Source – https://www.ibef.org/)
Beyond all this, there are many emerging industries like hospitality and leisure, financial investments; construction and online education that are increasing the scope of work for individuals who don’t want to go mainstream with jobs in IT/ Telecom, Bank, Hospitals etc.