Made in India as prime global label

India today stands at the precipice of a transformative era. Historically, the nation has proven to be a dominant player in the IT sector through leading firms like Infosys, Wipro and TCS, showcasing Indian talent on the global stage. The dawn of a new era brings new challenges propelling the global economy to tackle these obstacles and stay ahead.

Interestingly, the pace of change today, means that knowledge from a decade or two ago is quickly becoming outdated and redundant, encouraging professionals to also upskill and become a part of the ‘superforce’.

Innovation, creativity, and problem-solving are among the most valued life skills and to thrive in this ever-evolving landscape, it is imperative to constantly enhance your competencies and adapt, not just to keep pace but to stay ahead. India, with its booming tech industry, is uniquely poised to capitalise on this by unlocking the potential of its demographic dividend through upskilling.

We have seen Artificial Intelligence (AI) take centre-stage across the world in the last couple of years. Not an ephemeral concept of the future; AI is here to stay, reshaping industries from manufacturing to agriculture, transportation to telecom, and health care to finance. From digital assistants helping us with our daily chores to propelling a lunar rover, AI is leading an industrial disruption. Industry report projects that AI investment will approach $200 billion globally by 2025. This isn't just a testament to AI's potential but a clarion call for nations to adapt and individuals to prepare. The World Economic Forum's emphasis on a "reskilling revolution" further accentuates the global consensus on the importance of continuous learning. At the recent Web Summit in Rio de Janeiro, US-Brazilian researcher Ben Goertze said that AI could replace 80% of human jobs in the coming years.

Our aim today should be bridging the gap between present challenges and the future opportunities which AI could very well address. For individuals, upskilling is synonymous with job security and career progression. In economies like India, where a significant portion of the population is entering the workforce, upskilling becomes even more crucial. With AI and automation technologies evolving at breakneck speeds, job roles are undergoing seismic shifts. Traditional roles risk obsolescence, while new, previously unimagined, roles are emerging. Companies that fail to invest in employee upskilling risk falling behind in the competitive global market. The growing adoption is also encouraging India Inc to concentrate on hard skills to complement technology, instead of getting replaced by it.

India's large, dynamic and young population with 65% of Indians being under 35 years offers a unique advantage. However, this can only be capitalised upon if the youth is equipped with the right skills. Digital tech talent in India shows a demand-supply gap of over 21% (as a percentage of supply). By 2024, this gap is projected to widen further highlighting the urgency of initiating upskilling. Underlining this is the fact that in FY 2021, 65-70% of digital talent in India was gained through reskilling.

Recognising the transformative potential of AI, the Indian government has been proactive. There’s a stronger camaraderie between government and private players with a single-point goal to prepare or build the largest skilled economy and the talent capital for the world to see. AICTE has been working to align technical education with industry evolution, MeitY and NASSCOM have collaborated to launch FutureSkills Prime, a digital upskilling platform that aims to bridge the talent gap in emerging technologies, while education companies are balancing technology with innovative pedagogy to ensure our talent and workforce remains at par with global counterparts. China-Edtech crackdown and increased global traction have resulted in higher capital inflow, thus accelerating India’s potential to touch a market size of $10Bn by 2025. The AI for All initiative highlights the government's vision of making India a global AI powerhouse.

While the initiatives are commendable, challenges abound. Infrastructure disparities, digital divides, and varying quality of education across the country are significant hurdles. Addressing these challenges requires a multi-pronged approach, involving public-private partnerships, investments in digital infrastructure, and a renewed focus on teacher training. As a nation, we need to revamp our curriculum in favour of vocational and practical learning. Incorporate bootcamps and short-term courses that lead to career outcomes. Ensure that every Indian becomes digitally literate regardless of age or background. Given the high penetration of smartphones, mobile learning platforms prove to be a game changer for upskilling. Moreover, it is important to understand that upskilling isn't just about technical skills. Soft skills, critical thinking, creativity, and adaptability are equally crucial. As machines take over routine tasks, human-centric skills will become invaluable.

Reports suggest 83% professionals in India have opted to reskill so far in 2023 against a global average of 74% thus striding forward to be a global pioneer of this rapid transformation. India stands strong on the path of transformation to a global leader. As Prime Minister Narendra Modi said at the BRICS Business Forum Leaders' Dialogue in South Africa, India is the fastest growing major economy in the world and will soon be a $5 trillion economy. Thus, in an AI-powered future, investment in upskilling supported by building a culture of continuous learning proves to be a strategic move towards India’s journey to global dominance. In an AI-driven future, upskilling will form an essential part of India’s journey to global dominance with investment in human capital and a culture of continuous learning to leverage our demographic dividend.

This article is authored by Mayank Kumar, co-founder and MD, upGrad.