India's Metals and Mining Sector Set to Gain 430,000 Jobs by 2035
A McKinsey report reveals that India's metals and mining workforce could grow significantly by 2035, highlighting the country's expanding role in the global market.
Projected Workforce Growth
India's metals and mining sector is on track to expand its workforce by approximately 430,000 full-time equivalents (FTEs) by the year 2035. This growth makes India the leading region globally in terms of workforce increase in the materials industry.
Shifting Industry Landscape
In contrast to India's growth, China is expected to see a decrease of around 450,000 FTEs in the same sector during this period. This significant shift highlights India’s emerging status in the global metals market. From a mere 6 percent share in global metals revenue in 2020, India's contribution is forecasted to rise to 10 percent by 2025 and reach an estimated 12 percent by 2035.
Investment and Productivity
Rajat Gupta, a senior partner at McKinsey & Company, emphasizes the importance of transforming India's structural advantages into long-term industry leadership. This can be achieved through strategic investments, heightened productivity, and the cultivation of a future-ready workforce.
Steel Industry Profitability
The report demonstrates the robustness of India's steel industry. Domestic producers are projected to record earnings before interest, tax, depreciation, and amortization (Ebitda) margins ranging from 16 to 17 percent by 2025. Such profitability is attributed to strong domestic demand, even as steel markets globally face challenges.
India's Emerging Role in Global Materials
“India is becoming an increasingly pivotal player in the global materials industry,” Gupta notes, pointing to strong domestic demand, competitive economic factors, and a growing workforce as the driving forces behind this transformation.
Global Overview
The insights from McKinsey come amid a global metals and mining industry that has seen considerable financial performance but lacks substantial growth in fundamentals. The market capitalization of the sector has soared to a record $3.7 trillion, which is over 230 percent higher than in 2015. However, global industry revenues have only grown by about 1 percent in 2025, revealing flat volumes and unchanged labor productivity.
Future Outlook
As India pushes forward in enhancing its capabilities and expanding its workforce, the future looks promising for the metals and mining sector. Continuous support for labor training and reskilling will be essential in meeting the demands of an evolving industry and ensuring that India secures a robust position in the global market.
