‘India will need 56mn skilled workers by 2022’ – NSDC Report

India will need around 56 million skilled workers in the booming retail sector by 2022, which is currently estimated at 435 billion dollars (over Rs 27,59, 000 crores) and expected to witness a CAGR of 18.1 percent over the next 4-5 years to touch 848 billion dollars (over Rs 53,79,900 crores), according to a National Skill Development Corporation (NSDC) report.

At present, distribution of workforce in the retail industry is concentrated mainly in five states, including Uttar Pradesh, Maharashtra, Andhra Pradesh, West Bengal and Tamil Nadu, which account for over 45 percent of those employed. However, Tier II and smaller cities are set to evolve to organize retail format rapidly in the near future. The retail sector, which contributes 23 percent to the GDP, was driven by an increasing Private Final Consumption Expenditure (PFCE) over the last few years and grew from Rs 19 lakh crores in 2005 to around Rs 51 lakh crores in 2012.