Mumbai, Mar 27: India will add about 120 million people to its working population by 2020, constituting 28 percent of the world's workforce, according to deputy governor of the Reserve Bank of India (RBI).
"In the decade of 2010-20, India will add 120 million people in the working age-group looking for employment which will make India's working population 28 percent of the global force," said Subir Gokarn.
"The nearest competitor China, on the other hand, will add only 19 million people in the same period contributing five percent of the global working population," he said speaking at a Confederation of Indian Industry (CII) conference on achieving a double digit economic growth.
India is poised to have an upper hand compared to any other nation in terms of working population in the coming years.
The country's ever increasing workforce has, however, put strains on the largely state-run institutions with most courses still not revised in time to incorporate changes in technology and other spheres.
Speaking about the strong need for trained and skilled manpower, the deputy governor said if India were to achieve a double digit growth, it would have to effectively employ the increasing workforce.
Gokarn added that during 2020-2030, India will add another 100 million people to its work force against China which during the period will see a 62 million drop in its working age population.
Emphasising on the effects of having a larger skilled workforce in a particular sector Gokarn said that employment in service sector increased from 28 percent in 1999-2000 of total population to 30 percent in 2004-05.
"During the same period, the service sector contribution to GDP has increased from 55 percent to 60 percent," he said.