“India will need 70 lakh new project managers in the next 10 years. India will become the fastest growing country in the world for project management focused employment,” according to the report from the Project Management Institute (PMI) – Project Management Job Growth and Talent Gap 2017-2027.
Growth in occupations focused on project management will be driven by expansion into key industries like manufacturing and construction, information services, technology, publishing, finance and insurance, it said. -he adds.
The 2017 Talent Gap Report is the third assessment of employment and industry activity in project management conducted by Anderson Economics Group (AEG) for PMI in the countries Australia, Brazil, Canada, China, Germany, India, Japan, Saudi Arabia, United Arab Emirates, United Kingdom and the United States.
According to the report, by 2027 India will have the second highest number of project management oriented jobs in the world (218 lakh), only behind China (460 lakh).
“India will need 70 lakh qualified project managers over the next 10 years to avoid delays and escalating budgets in projects in key sectors like roads, railways, IT and manufacturing,” said Raj Kalady, Country Manager, PMI India.
“These sectors are going to see large-scale investments as well as major programs such as Digital India and Smart Cities,” he said.
He said job prospects in project management continue to outpace the overall job market due to both growth and attrition.
However, the potential talent shortage puts a total of almost $208 billion in GDP at risk from 2017 to 2027, for the 11 countries assessed and 11% ($23.4 billion) of this amount is at risk from the India, the report says.
“As the project management profession continues to show tremendous growth, the global shortage of project talent will provide exceptional opportunities for qualified professionals to begin and advance their careers,” said the President and CEO of PMI, Mark A Langley.
He said leaders will face increased financial and human resource risks due to this talent gap.
Top industries that will see job growth include manufacturing and construction (97,43,709), information services and publishing (54,50,122), finance and insurance (46,10,811), management and professional services (17,07,506), utilities (2,78,706) and oil and gas (48,629), he said.