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By 2022, India will need 56 million skilled workforce in Retail- 22-May-2015
New Delhi: According to a report by National Skill Development Corporation (NSDC), India will need around 56 million strong workforce in the India’s booming Retail sector.
This sector will have one of the highest incremental human resource requirement of 17.35 million from 2013-2022 across the 24 sectors that have been mapped for assessing incremental human resource requirement in the country.
According to the findings of the report, the Indian Retail industry estimated at USD 435 billion is expected to witness a CAGR of 18.1 percent over the next 4-5 years and reach USD 848 billion. There will be a considerable rise in demand for skilled manpower in this sector as the industry has been growing at a steady pace fuelled by factors like changing lifestyles, rising disposable incomes, favourable demographics, and easy credit availability.
It is estimated that tier 2 and smaller cities will evolve fast to constitute majority share of the organized retail in coming years.
Commenting on the report, Dilip Chenoy, MD & CEO, NSDC said, “The potential for growth is huge in the sector. There are opportunities across various job roles in retail which the youth can capitalise on. The metro cities are the major consumption hubs and preferred destination for large scale retail. To match the requirement of skilled manpower we need to further scale up our efforts. The sector not only offers jobs but also entrepreneurship opportunities to the trained manpower”.
Organised retail is projected to grow at ~29 CAGR, with an increase in penetration of organised players from 7.7 to 11 percent of the entire sector. As per National Sample Survey (NSS) 68th round survey, the distribution of workforce in the industry is concentrated with top five states (Uttar Pradesh, Maharashtra, Andhra Pradesh, West Bengal and Tamil Nadu) accounting for over 45 percent of the employment.These states are major consumption centres and home to India’s largest cities.
According to the report, the employment base of the industry is expected to reach 56 million by 2022 across conventional and specialised retail segments. While lack of premium attached to skills still remains a challenge in the sector, policy impetus is driving the focus on training.
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