In the next 20 years, Indian talent will play a pivotal role in the global economy, with countries like Canada, Australia, Singapore, and Scandinavian having a declining population and improving economic situations partly due to natural resources, said Palanivel Thiaga Rajan, Tamil Nadu minister for IT and Digital Services.
In the next 20 years, one in four young people joining the global workforce will be Indian; up from one in six today. This is evident from the fact that 11 per cent of Fortune 500 companies are now led by Indian Chairman and CEOs, he said speaking at ASSOCHAM Southern Region organised the “Future of Work Summit 2025” in Chennai on Wednesday.
Bout three decades ago, Tamil Nadu had 8 or 9 engineering colleges and produced about 4,000 engineers a year, of which about 3,000 left the country. However, today, the State annually produces about 2 lakh engineers and ends up staffing the global talent needs of the technology industry and other places like Bengaluru, Pune, Hyderabad and Noida. The scale is so high that as India benefits, Tamil Nadu will benefit in a much much more leveraged way, he said.
C. Muthamizhchelvan, Vice Chancellor, SRM Institute of Science and Technology, said the future of work is not just about technology, it is also about people. A critical aspect of empowering people is prioritising their well-being. “We must create a work environment that is inclusive, diverse, and equitable, and one that supports the mental and physical health of its workforce. Burnout, stress, and work-life balance issues are increasingly prevalent, especially amongst young professionals. Addressing these challenges is not just a moral imperative; it’s a strategic necessity for sustained productivity and innovation,” he said.
Going forward, a multi-pronged approach is essential with investment in education and skills development, foster innovation and entrepreneurship, and create a regulatory environment that supports growth and job creation. There is a need to promote a culture of collaboration and partnership between all stakeholders and prioritise well-being as a core value in the future of work, he said.