New Delhi: India’s perceived unemployment crisis has a panacea in the financial services industry which had approximately 18 lakh unfilled job opportunities last year, according to FPSB India CEO Krishan Mishra. The GIFT City in Gandhinagar, which now employs over 6,000 people in the financial services industry, is expected to create approximately 1.5 lakh jobs in the next 5 years, added Mishra.
Talent drought in financial sector
Citing data from the National Career Services portal, Mishra said India produced 46.86 lakh jobs in financial services last year, of which only 27.5 lakh positions were filled, showing an unemployment gap. Mishra highlighted the ongoing requirement for qualified personnel in:
Banks
Insurance
Brokerage firms
Mutual fund organisations
An online job search indicates a large discrepancy between job vacancies and the amount of Certified Financial Planner (CFP) experts accessible. India now has 2,731 CFP professionals, compared to 2.23 lakh globally, with a predicted growth to 10,000 CFPs in India by 2030, despite an anticipated need for 1,00,000 CFPs due to increasing demand.
Mishra emphasised that financial planning in India has been largely disregarded, with the assumption that it is solely for the wealthy. While wealth management is geared towards the wealthy, financial planning is necessary for everyone, Mishra said, underlining the importance of financial education.
Industry partnership to bridge skill gap
FPSB India and the Indian Institute of Management-Ahmedabad (IIM-A) inked an MoU on Tuesday to facilitate capacity-building activities for financial planning and investment advice professionals. This partnership will involve training programmes, applied research, and workshops on contemporary issues, said Mishra.
FPSB India and the International Financial Services Centres Authority (IFSCA) have partnered to promote GIFT IFSC as a ‘Global Finance Hub’ to strengthen the financial sector ecosystem and train competent individuals for GIFT City’s expanding workforce, added Mishra. To be sure, talent transfer to Gujarat is a challenge since a majority of financial industry experts, headquartered in Mumbai, Delhi, Bengaluru, and Hyderabad, are hesitant to transfer.
GIFT City to generate financial sector jobs
Mishra said he was confident about GIFT City’s expansion. The city holds potential with the presence of over 628 banking and financial services organisations having operations in the city, he added. Over the next 5 years, there will be a demand for around 1.5 lakh professionals, especially in distribution and management, generating a considerable need for CFP professionals, he said.
There’s no dearth of jobs in India, said FPSB India CEO Krishan Mishra, adding that there were 18 lakh untapped jobs in India’s financial sector. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
