Real Estate industry to create 1 million jobs in realty, transport and various sectors
Job opportunities in real estate, hospitality, beauty & wellness, transport, and logistics are predicted to rise in the coming years. This prediction was brought forth by Assocham-Thought Arbitrage Research Institute, who studied the country’s information technology (IT) sector its IT-enabled services. The study revealed that almost 1 million jobs will be created in the next four to five years.
The report clearly states, “The IT and ITeS, which is under pressure at present, in any case, was to expand at a lesser pace in job creation.” It adds, “On the employment base of 3.3 million in 2013, the much-touted sector had an incremental human resource requirement of 2.2 million by 2022, of which about one million have been added in the last 3-4 years.” This is despite the barrage of challenges the technology sector is going through, which includes Visa and outsourcing restrictions imposed by Trump administration. DS Rawat, the Assocham Secretary General believes that India requires 20 million jobs a year. The focus should be on the Indian market more than exports and foreign markets.
The study revealed a figure of 45.4 million base employment in 2013. Real estate and construction require an increment of more than 31 million human resources. However, the real estate industry has been impacted by huge debt, non-performing assets, regulatory hang-ups, and delay in project deliveries. These issues need to be fixed so that the industry becomes a sturdy machine that can create more attractive job opportunities.
Like real estate, retail is also on the road to become a mass job-creating industry. Within the next five years, the retail industry will create more than 10 million jobs. Similarly, the clothing and textile sector also shows promise in job generation. The paper emphasized on skill upgrades in those industries that depend on domestic human resources.