Home / Knowledge / News / Apparel/Garments / Indian retail sector to need 56mn workforce by 2022: NSDC
Indian retail sector to need 56mn workforce by 2022: NSDC
21
May '15
“The booming Indian retail sector will need around 56 million workforce by 2022,” says a report from the National Skill Development Corporation (NSDC).

“The sector will also have one of the highest incremental human resource requirements of 17.35 million between 2013 and 2022,” the report adds.

NSDC mapped 24 sectors for assessing incremental human resource requirement in the country.

According to the findings of the report, the Indian retail industry estimated at $435 billion is expected to witness a CAGR of 18.1 percent over the next 4-5 years and reach $848 billion.

There will be considerable demand for skilled manpower as the industry is growing steadily, fuelled by like changing lifestyles, rising disposable incomes, favourable demographics, and easy credit availability.

The report states that the sector contributes to 23 per cent of the GDP, driven by an increasing Private Final Consumption Expenditure (PFCE).

Over the last few years PFCE has grown Rs 19 lakh crores in 2005 to around Rs 51 lakh crores in 2012 and in FDI terms, the cumulative value of retail sector has more than doubled.

Organised retail is no more an urban phenomenon as it is estimated that tier 2 and smaller cities will evolve fast, to constitute majority share of the organised retail in coming years.

Dilip Chenoy, CEO at NSDC says, “The potential for growth is huge in the sector as there are opportunities across various job roles in retail which the youth can capitalise on.”

“The metro cities are the major consumption hubs and preferred destination for large scale retail, but to match requirements of skilled manpower, we need to further scale up our efforts,” he too adds.

Organised retail is projected to grow at 29 per cent CAGR, with an increase in penetration of organised players from 7.7 to 11 per cent of the entire sector.

As per 68th round of the National Sample Survey (NSS), distribution of retail workforce is concentrated among Uttar Pradesh, Maharashtra, Andhra Pradesh, West Bengal and Tamil Nadu.

These five states account for over 45 per cent of the employment, since these states are also major consumption centres and home to India’s largest cities.

According to the report, the employment base of the industry is expected to reach 56 million by 2022 across conventional and specialised retail segments.

“While lack of premium attached to skills still remains a challenge in the sector, policy impetus is driving the focus on training,” the report informs.

Shortage of trained manpower at various levels and lack of retail training institutes have prompted several retailers to launch in-house training programs for their staff or setup their own training facilities.

Training period varies for typical generalists in segments such as food and grocery for a few days to weeks for specialists in segments such as high end lifestyle brands. (AR)

Click here to access and download the report.

 

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Christian Dior

Fashion | On 25th Apr 2017

LVMH to acquire Christian Dior Couture for €6.5bn

LVMH and Christian Dior, which holds directly and indirectly 41 per...

Information Technology | On 25th Apr 2017

Self-repairing fabrics to be the future of fashion

It is the era of smart. Intelligent materials like self-repairing...

Textiles | On 25th Apr 2017

Indonesia revitalising textile sector

With exports of textile and textile products rising in Indonesia, the ...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search