The new Annual Employability report by Aspiring Minds reveals that 80% of Indian engineers are not fit for any job in the knowledge economy and only 2.5% of them possess tech skills in Artificial Intelligence (AI) that industry requires. Skills gaps have become an issue to both employers and the unemployed. This trend is exacerbated by technological advancements which are rapidly replacing manual jobs, leaving millions of young people unprepared to participate in the 21st-century knowledge economy.
According to a report submitted by McKinney at the Leadership Forum, there would be job cuts between 1.75 lakh and 2 lakh per year in next three years, due to under-preparedness in adapting to newer technologies. The report also mentions that nearly half of the workforce in the IT services firms will be “irrelevant” over the next 3-4 years.