New Delhi, Sep 15 (NationPress) A recent report reveals that global labor shortages are anticipated to reach 250 million workers by 2047, impacting both blue-collar and white-collar sectors. This scenario creates a unique chance for India’s young and expanding workforce to emerge as a leading global talent hub.

Compiled by the Global Access to Talent from India (GATI) Foundation in partnership with Boston Consulting Group (BCG), the report highlights that declining birth rates and diminishing workforces in developed nations are leading to significant labor shortages, leaving a multitude of positions unfilled and businesses in distress.

Approximately 20 countries, such as the US, UK, Germany, Japan, and South Korea, are projected to account for a staggering 90 percent of this labor deficit.

About 50 percent of the shortfall is expected in blue-collar sectors, including transport, hospitality, and manufacturing; 20 percent will be in service roles like nursing and teaching; while 30 percent will pertain to white-collar jobs. The absence of filled positions already costs the global economy over $1 trillion annually due to lost productivity.

India, with its demographic advantage, features a relatively youthful population. The nation adds 10-12 million individuals to its eligible workforce each year, a trend projected to persist.

“By 2047, advanced economies will experience a deficit of 200-250 million workers. India has a rare opportunity to fill this gap, leveraging its established strengths in ICT and professional services. The future must focus on expanding into new domains – particularly healthcare, green skills, and manufacturing – where global demand is rapidly increasing,” stated Rajiv Gupta, Managing Director & Senior Partner at BCG.

“As the largest reservoir of working-age talent globally, India will continue to be a demographic asset as other economies age. Currently, India’s median age is just under 30, with 600 million individuals aged between 18-40, compared to over 40 in OECD countries. With 50 million global job opportunities expected by 2030, India can potentially fill around 10 million vacancies,” added Arnab Bhattacharya, CEO of GATI Foundation.

Gupta advocated for “bold reforms to synchronize qualifications, enhance mobility, and incorporate global standards” to facilitate India's transformation from being a contributor to the global workforce to becoming its backbone.

Currently, Indian expatriates send back approximately $130 billion annually in remittances. Over 700,000 individuals leave for opportunities overseas as migrant workers each year. However, India’s representation among global migrants, at 6 percent, is notably less than its share of the world population, which stands at 18 percent.

If India capitalizes on this opportunity, annual migration for employment could double to 1-1.5 million by 2030, and remittances could reach $300 billion yearly.

Implementing these strategies could enable India to replicate the global success of its IT services sector in areas such as healthcare, domestic work, and manufacturing.