New Delhi, Nov 18, 2024, IANS

New Delhi, Nov 18 (IANS) As India's electronics industry witnesses unprecedented growth, it is set to create 12 million (1.2 crore) jobs at a compound annual growth rate (CAGR) of 25-30 per cent, according to a report on Monday. The projections indicate the creation of 12 million jobs, encompassing 3 million direct and 9 million indirect roles, according to a report by TeamLease Degree Apprenticeship. However, a pressing deficit of 10 million trained professionals underscores the urgent need to bridge this gap to sustain and amplify India's growth in the electronics sector, it added. The electronics manufacturing industry is surging, inspired by Prime Minister Narendra Modi’s vision of making the country a $500 billion electronics manufacturing hub by 2030. As the industry diversifies into areas such as communication and broadcast electronics, consumer electronics, industrial electronics and aerospace and defence electronics, the demand for specialised skills has surged. The growing requirements for components like semiconductors and electromechanical parts further intensify this challenge. India is on the cusp of becoming a global leader in electronics manufacturing, with domestic production reaching $101 billion in FY23, driven by segments such as mobile phones (43 per cent), consumer electronics (12 per cent), industrial electronics (12 per cent), and auto electronics (8 per cent). "By FY 2027-28, the industry will require 12 million professionals — 3 million in direct roles and 9 million in indirect roles, yet a staggering skills gap of 10 million persists. Bridging this gap demands a robust focus on skill development, blending classroom learning with hands-on training through apprenticeships," said A.R. Ramesh, CEO of TeamLease Degree Apprenticeship. Scaling the apprenticeship ecosystem, currently growing at a 55 per cent CAGR and projected to reach 1 million apprentices by 2027 to 2 million apprentices, can create a steady talent pipeline to meet industry needs, he added. Additionally, strengthening industry-academia collaboration is crucial to doubling the two million graduates entering the workforce annually by FY 2027-28 to four million. Policies such as the PLI scheme, which has attracted Rs 1.97 lakh crore in investments across 14 key sectors, including electronics, and Employment Linked Incentives (ELI) designed to spur job creation, have set a strong foundation. "Rising demand across high-growth areas such as semiconductors, drones, electric vehicles, solar panels, IT and telecom hardware, consumer electronics, and industrial electronics, fueled by India’s emergence as a global R&D hub and the world’s third-largest startup ecosystem, highlights the urgent need for a highly skilled workforce," said Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship.