Unemployment In India: Jobs Available But No Takers, 1.8 Million Positions Remain Vacant
Financial Services Sector Jobs: Concerns about unemployment in the country have been consistently raised. People often claim that the youth lack employment opportunities. However, occasionally, statistics emerge that surprise everyone. Last year, the financial sector had 1.8 million job vacancies that remained unfilled. This assertion was made by Krishna Menon, the CEO of the Financial Planning Standards Board.
No Shortage of Jobs in the Financial Services Sector
Krishna Menon stated that there is no shortage of jobs in the financial services sector. The problem lies elsewhere: there are jobs, but no one to fill them. Citing the National Career Services portal of the central government, he mentioned that 4.686 million jobs were created in the financial services sector last year. However, only 2.75 million positions were filled, leaving 1.8 million vacancies. The primary reason for this is cited as a lack of skills among the youth. While jobs are available, there is a significant shortage of qualified individuals in the country.
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GIFT City to Provide Jobs for 150,000 People
Krishna Menon mentioned that approximately 6,000 people are currently employed in the financial services sector at GIFT City in Gandhinagar, Gujarat. Over the next five years, GIFT City is expected to create around 150,000 jobs. According to Menon, jobs are always available in banks, insurance companies, brokerage houses, and mutual fund companies. If you search for jobs online, you will find that the financial services sector has the highest number of job opportunities.
Demand for 100,000 Certified Financial Planners
The Financial Planning Standards Board (FPSB) runs the International Certified Financial Planner (CFP) certification program. While there are 223,000 CFPs globally, India has only 2,731. By 2030, the country is expected to have around 10,000 CFPs, but the demand will be for at least 100,000. Personal finance has not been taken seriously in India and has been considered a luxury for the wealthy. However, in the future, everyone will need it.
