Harbingers of economic recovery and a series of bold reforms are giving industry leaders in India renewed confidence for the future. This study, which was undertaken by Towers Watson with the support of the Confederation of Indian Industry (CII), sets out to capture prevailing sentiments among business leaders in India.
The study focuses on what industry experts view as the key drivers of growth, along with likely bumps in the road ahead. India’s workforce plays a pivotal role in the country’s economic future, and the study solicits these experts’ views on rising workforce costs, shortages of skilled workers, investments in workforce management, wages and inequality — trends that will shape the future of virtually every industry. The survey (done online between December 2014 and January 2015) covers the views of over 300 industry experts including CEOs/ Presidents/CFOs and COOs from a diverse set of industries.
The government’s emphasis on skill development and fostering labour market efficiency over the last year has fuelled hope that India is on track to fully leverage its favorable demographic dividend. Business leaders recognize that human capital will be an increasingly crucial driver of business growth and need to continue the efforts to develop a talented workforce. The study points out that seventy-one percent of the respondents plan to invest more resources in workforce management over the next five years.