Mumbai: While the job market in India has remained largely sluggish amidst a delay in private capex recovery and reports about massive lay-off in the information technology (IT) sector, a recent survey conducted by the Project Management Institute (PMI) has given fresh hope for millions of job seekers in the country.
According to it, India will emerge as the fastest growing country in the world for project management-oriented employment providing jobs to over 70 lakh people over the next 10 years. This is required to avoid delays and escalation of budgets in projects in key industries like roads, railways, IT and manufacturing.
A new Anderson Economic Group (AEG) analysis commissioned by the PMI finds the project management profession will outperform total global job growth over the next decade, creating millions of new positions in India that pay highly-competitive wages.
The growth in project management oriented occupations will be on account of expansion in key sectors like manufacturing and construction, information services/ technology & publishing and finance/insurance.
“Within India alone, more than 70 lakh new project management jobs will be open over the next decade in project-oriented industries — the largest growth rate (48 per cent) of the 11 nations studied.
Additionally, by 2027, India will have the second-largest number of project management-oriented jobs in the world (2.18 crore), behind only China (4.60 crore).
The countries analysed for the study include Australia, Brazil, Canada, China, Germany, India, Japan, Saudi Arabia, UAE, UK and US.
In the 11 countries analysed, from 2017-2027, 70 per cent of the 22 million new project management jobs will come from the manufacturing and construction industries and the information services and publishing sector, according to the analysis. Other key industries that will see job growth include finance & insurance, management & professional services, utilities and Oil&Gas.
“As the project management profession continues to show considerable growth, the global shortage of project talent will present exceptional opportunities for qualified professionals to begin and advance their careers,” said Mark A. Langley, president and CEO, PMI.