As many as 10 to 15 million jobs are expected to be created by next year on account of the rapid economic growth in the country, Assocham claimed.
About 75% of these new jobs would require vocational training to enhance the employability wrapper, the chamber said, adding if not addressed properly, it could lead to a slowdown in the country's economic growth.
"The rapid economic growth in the country has greatly increased the demand for skilled labour and about 10 to 15 million jobs are expected to be created in India by next year," it said.
Indian economy recorded 8.9% growth in the first half of the current fiscal. The government's Mid-Year analysis projects the economy to grow by up to over 9% this fiscal.
According to Kaushik Basu, Chief Economic Adviser in the Finance Ministry, the Indian economy is expected to grow at 9% in 2011-12.
The share of the services sector including information technology, academic and biotechnology sectors is steadily increasing. This is evident from the fact that services sector contribute nearly two-third to the country's GDP," Assocham Secretary General D S Rawat said.
Besides, he said, the year 2011 is likely to be a boom for skilled worker engaged in IT & ITES, biotechnology and services sectors as their salaries are expected to rise 30 to 40 percent against the 15% in 2010 due to high demand particularly in India's IT outsourcing sector," he said.
The study, however said, the companies are not only facing the problem of retention, but there is also a shortage of qualified and skilled manpower in the country.
The IT/ITES industry which provides direct employment to the about 2.23 million and indirect employment.