Foreign firms are wanting to move out of China due to the current Covid19 pandemic.
The good news is – around one thousand companies are in discussions with the Government of India to set up their production base in India. This scenario has prompted a few state governments to become proactive and capitalise on the opportunity.
COMPANIES WILL NEED SKILLED ENGINEERS
Inviting foreign investors, will not be enough. Foreign firms who set up manufacturing units in India will need abundant resources like skilled manpower.
Be it construction of manufacturing units or post-construction, theses Manufacturing units and technology companies will need Engineers who have the knowledge and skills to work in such high-tech manufacturing units. Engineers who know their jobs in real sense will be hired.
It is time for Engineers to grab the jobs these foreign companies will create in India.
WHAT KIND OF SKILLS WILL BE MORE IN DEMAND?
Technology and engineering skills remain the most in demand. Secondly, soft skills are growing in prominence too.
You may ask – Why? Because, besides technical skills, soft skills such as creativity, problem solving and critical thinking are in demand. That is because creativity helps in the application of new technology and helps business growth.
Good communication skills to deal with foreign clients will be an important ability that an engineer must have.
A report by LinkedIn says that creativity, adaptability, collaboration and time management allow people to navigate new information and make decisions effectively.
In India, most employers feel that soft skills are important for career progression. Companies also feel that it is difficult to find people with soft skills.
ATMANIRBHAR BHARAT ABHIYAAN (COVID RELIEF PACKAGE)
When foreign companies set up their production base in India, engineers will be in high demand. Besides, the Atmanirbhar Bharat Abhiyaan (Covid relief package) has laid down the blueprint for bold reforms to make India self-reliant.
This is done with a view so that any crisis in future could be efficiently handled.
The coronavirus epidemic has disrupted operations and the supply-chains due to factory shut downs in China since February 2020.
For the last 3 decades, China has been the world’s factory. Almost 50 per cent of China’s growth comes from exports. And it creates millions of jobs in China.
Now that markets across the world are gradually preparing to put economies back on track, India could be the brightest spot among the emerging economies when it comes to attracting FDI.
“Make in India” will become a success soon.
Meanwhile a new world order is emerging. The differences between US-China on trade, the lack of transparency in handling the Covid19 situation by China, intellectual property rights, and geo-political issues, are here to stay. Hence, foreign companies dependent on China are now looking to diversify the risk to their supply chain by moving out of China.
And India offers them the best alternative. Make In India initiative will become a success soon.
Today, India is the world’s fifth largest economy. India offers abundant labour force. Our country offers the best alternative in terms of depth and size of the markets.
India is a young and aspirational economy. With median age of 27 and around 900 million “working-age” population, the nation is an attractive destination for investors.
In the past, China used its huge labour force in manufacturing which attracted FDI. The time for India has arrived to do the same, especially when foreign firms are looking for an alternative manufacturing base.
UNDP REPORT – RISING INDIA
According to a UNDP report, India will have a working age population of 1.14 billion. Population aside, the rapid urbanisation offers a huge domestic market. Moreover, India is also a resource-rich country, which is an additional benefit for those looking to invest in this country.
Several international bodies have ranked India as one of the most favoured nations for FDI. Unlike China, India is a stable democracy.
It is time for young engineers to become a part of Make In India and contribute to the success of Rising India story.