2018 Midyear Global Outlook
What’s in store for the second half of 2018? Get the Ivy Investments team’s views in our Global Midyear Outlook.
Indian Prime Minister Narendra Modi’s “Make in India” program, designed to bring more high-grade manufacturing to the subcontinent, is facing a labor shortage, according to the Wall Street Journal.
A report surveying 650 of India’s engineering colleges found that more than 80% of India’s engineers are “unemployable” due to a lack of specialized training and coursework. To combat this issue, the government has announced two skill development programs, totaling nearly $3.3 billion dollars, in order to train 15 million people by 2020.
“During the engineering course, we were given the theoretical background. Here, we are doing the actual drilling,” said Anubhab Dutta, a recent mechanical engineering graduate who is training at the Advanced Craftsmanship Centre inside Tata’s sprawling factory complex.
The Indian government isn’t the only one investing in its workforce, however. Western companies, such as Boeing, Alstom and GE, have also begun investing more heavily in their own training programs.
“India doesn’t have a labor shortage—it has a skilled labor shortage,” said Tom Captain, a global aerospace and defense industry leader at Deloitte Touche Tohmatsu.
The “Make in India” program is part of PM Modi’s overarching goal of modernizing the country’s military, railways and other infrastructure, while strengthening India’s industrial sector. (Source: Wall Street Journal)
Articles are chosen for summary in this Market Intelligence blog based on newsworthiness in conjunction with The Infinite Loop themes. Any opinions and views expressed in the articles are generally those of the underlying author from the source listed, are not necessarily current as of the date of this blog, may change as market or other conditions change, and may differ from views expressed by Ivy Investment Management Company and its associates or affiliates. Actual investments or investment decisions made by Ivy Investment Management Company and its affiliates will not necessarily reflect the views expressed in the articles. These articles are distributed for educational purposes only and are not investment advice or a recommendation to purchase, sell or hold any specific security mentioned in the article or to engage in any investment strategy. Investment decisions should always be made based on each investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Securities discussed may not be suitable for all investors.