Report: Blue-Collar Jobs Expected to Fuel 70% of India’s Job Growth by 2030

19 Apr, 2024

New Delhi [India], April 19 (ANI): Blue-collar workers, constituting over 80% of India’s non-agricultural workforce, play a pivotal role in driving and sustaining the country’s economy across various sectors.

According to McKinsey & Company, by 2030, approximately 70% of the projected 90 million new jobs in India will be in the blue-collar category. These roles represent about 80% of both organized and unorganized sector employment in India, serving as the backbone of the economy.

The fulfillment of these positions is crucial for sectors like manufacturing and logistics to thrive.

In 2024, hiring intentions for non-white-collar positions saw a 10% increase compared to the previous year. E-commerce is expected to witness the highest salary growth in 2024, at 10.9%, followed by financial services at 10.1%.

Based on 2023 data, blue and grey-collar jobs contribute 1.25% to India’s Gross Domestic Product (GDP).

With their significant contributions to industries such as infrastructure, construction, transportation, and manufacturing, these workers are vital for economic growth.

As India strives to achieve its developmental goals, empowering and upskilling this workforce emerges as a critical imperative.

Anshul Khurana, Co-founder and CEO of Entitled Solutions, highlighted the indispensable role of blue-collar workers in India’s economy. Khurana emphasized, “Over 80% of India's workforce (excluding agricultural workers) is engaged in blue and grey-collar jobs, totaling about 300 million workers.”

Their labor drives growth in crucial sectors, creating employment opportunities and fostering industrial progress.

Amidst efforts to expand manufacturing capabilities, the demand for skilled blue-collar workers has surged, highlighting their essential role in overall economic advancement. Khurana noted, “For India to achieve ‘Developed’ status by 2047, upskilling and empowering blue-collar workers will be crucial.”

Despite their contributions, many blue-collar workers in India lack access to traditional social security programs.

Khurana explained, “While some are covered by schemes like EPF and ESIC, a substantial proportion, including gig workers and daily wage earners, lack access to such benefits.”

Recognizing this gap, the government is implementing initiatives like the eShram database to extend social security coverage to unorganized workers.

In addition, digital innovation is addressing the financial inclusion needs of the urban poor, particularly in the blue-collar sector.

Government initiatives and innovative solutions from startups signify strides towards ensuring the inclusion and well-being of this crucial segment, essential for India’s journey towards economic prosperity and social advancement.

This report is auto-generated from ANI news service. 

Publisher: Suma | Bizprout Expert Systems Pvt. Ltd