What do you think is the future of Learning and Development industry in India?
If you a trainer, coach, consultant, mentor, healer, knowledge giver or anyone associated with Learning and Development industry, then you must read the entire blog.
First of al let us see few facts and figures about Learning and Development industry.
According to World CEO Survey conducted by PWC, 87% of CEOs worldwide (among 1379 CEOs interviewed in 79 countries) mentioned ‘non-availability of key skills’ amongst their employees as the topmost concern stopping their growth.
Learning and Development industry size currently is 367 billion USD globally every year.
USA learning and development market stands at a 100 billion USD annually.
In India, it is less than 1 billion USD annually. This is despite the fact that the USA has only about one-fourth of the India population.
USA corporate spending on Learning & Development has been growing over 10% YOY.
The USA spends on learning and development is 15% of its employee spend - which is one of the highest. So is the case with most of the advanced countries.
India specific statistics
India's spend on Learning & Development is just under 1 Billion USD per year.
Indian Skills sector is expected to become an over 20 Billion USD market opportunity yearly.
Currently, 90% of the jobs in India are skill-based, but there are only 6% trained workforce in India.
Currently, the system in India has the capacity to train only 3 million youth against 12 million entering the labour force annually.
In this gap lies the huge opportunity and growth potential for India's Learning & Development industry.
Some statistics projects India's Learning & Development market is poised to be a 100 billion USD market by 2030. The growth is bound to be exponential.
This comes from the fact that India is one of the fastest-growing economies and such an economy always demands a highly-skilled workforce. The backbone of the growth of any economy is its learning and development mechanism.
India Corporate scenario
India’s corporate spend on training is less than 2% of employee spend while most advanced countries spends anywhere between 10 to 15% on the same.
India is expected to become 3rd largest economy by 2030 (as predicted by IMF). If this is to be true, it is estimated that at least 100 Indian corporate giants will enter the fortune 500 list, thus witnessing an unprecedented performance in coming 10 years.
This is nearly impossible unless Learning & Development industry doesn’t grow in accordance. Thus fuelled by the huge demand in the coming 10 years, the Indian Learning & Development industry has to inevitably form the backbone of this growth story.
Another phenomenon in the corporate is that it is fast diversifying from a services-oriented market to a product market. This further opens niche avenues of learning & development needs.
Indian Education System
So, while the future looks bright, is there a challenge that needs addressing right now? Yes for sure.
India's acclaimed education system somewhere fails to impart skill orientation required. Most fresh pass outs join the job market as a generalist. The clarity of what job to take and whether it really aligns to his/her personal goal is a distant dream for most aspirants.
Most of the professional courses just teach theory, failing to align the students with the practical real world scenario.
In India 54% of youths graduating every year are unemployable due to lack of required skills.
So to fill up the gaps left by our education system, we need a strong learning and development system which aligns with the real world scenario and empowers them with the right skillset, mindset and knowledge.
The Bottle Neck
The biggest bottleneck in the learning & development industry is perceived as a lack of enough skilled trainers, coaches in the market.
The training learning & development fraternity is crowded and entangled with many self proclaimed trainers and coaches whose focus is on exploiting the learning and development needs of the market and earn a fat income without adding much value to their participants.
Hundreds of knowledge-rich people leave their lucrative job and venture into the training industry as freelance trainers to pursue their passion, to satisfy their inner urge and to impart their knowledge. But, there is a huge difference between having knowledge and imparting that knowledge with the right system, tools and methodologies to the participants.
All this has really denigrated the importance of learning & development in growth of corporates and entrepreneurs in India.
Thus, there is a need generated to bring all the trainers, coaches, consultants, healers and all knowledge givers on a common platform and empower them with right systems, tools and methodologies to bring the required transformation in people and make Learning and Development backbone of the growth.
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Darshit Shah is an Engineer turned Coach, Trainer, Author & Speaker.
He is a Digicoach Mindset Expert and have founded Digiprcoach Infinity Hub with a mission of creating 100,000 Digital Coaches & Trainers who in turn will Impact, Influence and Transform lives of millions of people.
Over the past 12 years he has touched lives of more than 36,000 people and taught them how to unleash the unlimited powers and lie in them and live happy and successful lives.
He is an author of a book ‘Mind Infinity’
He has been nominated as India’s Youngest Motivational Trainer in 2016, Nominated as India’s Youngest Author in 2018 and Nominated as India’s Most Influential Trainer in 2020.
He is a husband of loving wife and has his roots grounded in Spirituality.