India has ranked 72 out of 132 sample countries in the global talent competitive index, improving on last year’s spot at 80. Switzerland topped the list followed by the United States and Singapore.
In terms of the most talented competitive cities, Bengaluru stood at 66, Mumbai at 80 and Hyderabad at 108 rank. The top five spots were taken by New York, London, Singapore, San Francisco and Boston, according to a statement.
The report, global talent competitiveness Index (GTCI) was published by technology giant Google, Switzerland- based HR ( human resources firm) Adecco Group, and global business school INSEAD.
In terms of new product entrepreneurial activity, India stood at third place.
For India, the ranking could be attributed to the country’s poor mid-level skills (113th) and a weak ability to attract talent (92nd) as well as retain talent (95th).
Other parameters affecting India's ranking include a weak outlook towards empowering minorities and women, where India ranks at 104. The lowest ranking was for the quality of life at 115th.
The index reflected a high correlation between GDP (gross domestic product) per capita and GTCI scores. India needs to get its GDP back on track to move up the rankings.
“To thrive in this rapidly changing environment, new skills and competencies are vital. That means that organisations and Governments must refocus on upskilling and reskilling,” Alain Dehaze, CEO of the Adecco Group said.
India’s highest-ranked sub pillar was employability at 28th, while the rankings for access to growth opportunities and growing talent stood at 39th and 44th respectively.
Although the age of AI (artificial intelligence) presents benefits for humanity, the resources required seem to be unevenly distributed. Another worrisome figure is that globally, the talent divide between high-income countries and the rest of the world, is widening, GTCI said.
For countries such as India, the adoption of AI will require a massive reskilling of the workforce at all levels.
Additionally, acceptability of the AI solutions while introducing to organisations and societies will be critical for its sustainability.
Although AI skills are unequally distributed among industries, sectors and nations, the report found that the right policies and approaches could provide opportunities for emerging markets.
“The GTCI report points to the imperative of closing the global digital skills gap to harnessing the potential of AI for good," Katell Le Goulven, The executive director of the INSEAD Hoffmann Global Institute for Business and Society said.
The emergence of smart cities in India could see the country climb up a few spots in the coming years. India’s smart cities mission, launched in 2015, aimed to convert 100 cities into smart cities by 2022 at an investment of $14 billion.