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Make the right choice

Fresh out of college, now is the time to zero in on “the right” career path. Start by collating all the information about the jobs available. This chapter has listed a few important categories from among the 500-odd career choices reportedly available worldwide besides providing detailed information on nascent industry segments in the country with a five to 10 year growth perspective. The objective of this chapter is to highlight the emerging industry sectors in India with an indication of the kind of career openings that would be available to us for the next decade. The career decisions you take today will dramatically impact your lifestyle in the future. The career you plan to pursue will determine where you live, your income, how much time you spend at home, your work hours, travel and how you spend your leisure time. Planning ahead and researching your options will help you make a considered choice.

Loaded with facts and figures, on the prospects, job profiles and key players in each segment, the information in this chapter is a window to the job market world. Given below is a combination of existing and emerging businesses likely to create the maximum job opportunities.

The Hot industries of this decade

• Indian Information Technology industry is projected to generate 2.2 million jobs by 2008.

• Total addressable market for global off-shoring is approximately $300 billion, of which $110 billion will be off-shored by 2010 and India is expected to capture more than 50 per cent of this opportunity.

• BPO market will directly employ approximately 2.3 million people and provide indirect employment to another 6.5 million by 2010.

• Indian KPO sector is also expected to employ more than 2,50,000 KPO professionals by the same time, compared with the current figure of 25,000 employees.

• Organised retailing is estimated to be US $ 30 billion by the year 2010 and will employ about two million Indians.

• Gaming will be one of the fastest growing segments of the media and entertainment industry worldwide.

i)Gaming is expected to reach $55.6 billion by 2008.

ii)One of the fastest growing regions would be the Asia Pacific (compounded annual growth of 23 per cent for the decade to 2008.

iii)Indian mobile gaming market will touch about $336 million by 2009.

iv)20 million people will be playing games on phones by 2009.

• Animation industry alone would require 300,000 people by the year 2008.

• Indian Biotechnology sector will achieve $5 billion in revenues by the year 2010 (CAGR of 35.91 per cent) with the increased growth in the biopharmaceuticals, bioservices, and bioinformatics fields. Currently, the sector is worth $1.5 billion.

i)The Indian biotechnology industry segment is expected to grow by 25 to 30 per cent over the next five years, outperforming the global expected growth of 12 to 16 per cent.

ii)This year, about 175 new companies have come up in this sector, of which 158 are based in Bangalore. Currently about 55,000 people are employed in this segment. It is expected that by the year 2012, another 100 million jobs are likely to be added in the biotechnology field.

• About 1,00,000 new jobs are going to be created in the insurance sector by the end of 2006.

• Tourism is said to become the world’s largest industry by the year 2010.

• Industry experts believe that in India alone, about 180,000 vacancies are expected to be filled in the hotel industry by the next decade.

• The Indian government is aiming to augment telecom connections to 250 million by the year 2007 and 500 million by the year 2010. Mobile coverage will extend to 85 per cent of the country.

• The health sector is projected to employ 9 million people in the next decade. Currently, India spends only 0.9 per cent of its GDP on healthcare in the public sector; this is expected to go up to 7 per cent within the next 10 years.

• With a work force of about three million and an estimated 25,000 units engaged in the diamond industry alone, the industry is churning out new employment opportunities for many.

• Industry estimates indicate that 50,000 new jobs will open up every year in the civil engineering sector.

While a permanent full-time job may still be the norm, labour markets worldwide are changing and India is no exception. The job-for-life is being replaced with life-long learning and a working life with multiple careers and flexible hours. This has given rise to a paradigm shift in the nature of jobs.

Part-time jobs, project-based assignments, freelancing, consultancy and temporary employment have gained ground even in organised sectors such as manufacturing, banking, etc.

Of these, temporary staffing is a nascent and interesting phenomenon. Earlier temporary staffing was routed through small agencies, chartered accountancy firms and small time placement consultants. Today, this segment has become more organised with large and medium staffing solution companies entering the fray.

Finding a good career match is a continuous process. Your interests may change. The needs of the world change. You may discover a talent or a passion you didn’t even know you had. But as long as you keep learning about yourself, you will have a fulfilling career.

TeamLease Services Private Ltd — Permanent Staffing Business Unit
Website: www.teamlease.com

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