'For us, market is not the challenge, we need people': Anshuman Magazine on India’s talent shortage

At the Business Today India@100 Summit on Friday, Anshuman Magazine, Chairman & CEO for India, South-East Asia, Middle East & Africa at CBRE, highlighted a critical challenge facing Indian companies: a shortage of skilled talent.

“India’s workforce is its oil, but it needs refining,” Magazine said, emphasizing that while the market potential is enormous, the real obstacle lies in finding the right people to drive growth.

He noted that the next 25 years belong to India, with few countries positioned to sustain such long-term growth. However, despite millions of unemployed individuals, businesses struggle to find skilled talent when recruiting.

“On one end, we have huge unemployment; on the other, we don’t get people with the right skills,” Magazine explained. “We have millions of people, but when we go out to recruit, the talent isn’t there.”

To meet the evolving demands of a rapidly changing market, he stressed the need for revolutionary changes in skilling and education. “We really need to do something—whether it’s skilling, education, or whatever it takes—to meet the demand.”

He further said, “For us, the market is not the challenge. We need people.”

Talking about India’s growth story, Magazine said, “The whole world needs our economy and our country for consumption. There is actually no other country with this kind of population, which is true. But if you really look from the other side, our per capita income is quite low. So, the perception of huge consumption and a huge market is only partially true.

“Until our per capita income, which is about $2,000 per person, increases, it remains critical. If it were $10,000 per person, I don’t think anybody would dare to put tariffs on us or try to bully us — it’s as simple as that. So yes, our biggest strength is this population and consumption, but until we increase our per capita income by at least five times, we don’t have any real leverage.”

Talking about India’s growth trajectory, Manish Sharma, Chairman & CEO of Panasonic India, said, “If you look at different countries, when China transitioned from being an emerging economy to moving towards developed status, there was a threshold of around $3,000 to $3,500 per capita income. This threshold marks a potential unlock point for demand.”

Talking about Indian companies and their potential, Amit Gossain, MD of KONE Elevator India, said innovation is one area where India excels. "Take my industry, the elevator sector, for example. The government is now adopting a new European code, which means our elevators can now be exported to Europe. Previously, there were limitations as our products weren’t export-ready for that market, but that has changed. The quality of products made in India, including in my industry, is on par with the best in the world. In fact, some of our products are even better than those from Europe and America. Regarding tariffs, we currently export machines to the US from India. With the existing tariffs, this situation presents an opportunity for us to explore other markets, which can help us scale up our business."

Dr. Aashish Chaudhry, Managing Director of Aakash Healthcare, highlighted India’s emergence as a global healthcare hub driven by growing medical tourism and world-class clinical talent. He noted that over the past two decades, India has become a preferred destination not only for developing countries but increasingly for patients from Western nations seeking high-quality, affordable care.

Chaudhry said: “If you look at any sector where India has shown leadership, it is healthcare. India is often called the ‘hospital to the world’ due to the large number of patients coming here. Medical tourism is flourishing, and this is a built-to-scale story. Over the last two decades, India has gradually caught the attention of many countries seeking quality healthcare. Initially, this demand came mainly from low-income and developing countries in Africa, the CIS, and Iraq. But now, even patients from affluent Western countries are looking for better and more affordable healthcare options here. This growth is supported by India’s world-class clinical talent, skilled workforce, and nursing professionals — India is the largest exporter of nurses globally.”