TeamLease Degree Apprenticeship has released the 2023 Apprenticeship Outlook Report, revealing a remarkable 75 per cent increase in apprenticeship opportunities across India. This demonstrates notable growth, registering a 9 per cent uptick over the January-March 2023 quarter.  

The NAO metric, a crucial indicator of employer sentiment, has achieved an all-time high. This signals a noteworthy 75 per cent surge in employer intent for apprenticeship engagement during the upcoming October-March period of 2023-24. 

The NAO has increased significantly Year-Over-Year (YOY), from 41 per cent in Jan-Jun 2021 to 56 per cent in Jan-Jun 2022 and 66 per cent in Jan-Mar 2023 to an astounding 75 per cent for the Oct-Mar 2023–24 period.  

This Compound Annual Growth Rate (CAGR) of nearly 30 per cent showcases how organisations view apprenticeships as a pivotal talent development strategy, driving skill enhancement, workforce development, and talent pipeline creation. 

The HY1 Apr-Sep’23 and HY2 Oct’23 to Mar’24 Apprenticeship Outlook Report reveals a compelling landscape, highlighting Engineering and Industrial (96 per cent), Electrical and Electronics (94 per cent), Telecom (93 per cent), and Ecom and Tech products (90 per cent) as the leading sectors with the highest Net Apprenticeship Outlook.  

The report added that these industries, along with five others, witnessed a significant increase in NAO during the Oct-Mar 2023-24 half-year compared to the preceding quarter. This trend indicates robust growth prospects for apprenticeships, affirming their pivotal role in shaping the workforce of the future. 

The Report brings to light a pivotal insight—41 per cent of employers believe that degree apprenticeships stand as a formidable strategy to effectively address the skill gap through seamless industry-academia collaboration. This recognition underscores the transformative role of apprenticeships in shaping a future-ready workforce, emphasising a strategic commitment to talent development, skill enhancement, and the establishment of a robust talent pipeline. As the report illuminates, this insight marks a significant leap toward fostering a skilled and promising future for India's workforce. 

This extraordinary surge underscores the robust growth anticipated in India's apprenticeship landscape, with key cities such as Bengaluru, Delhi, and Hyderabad leading the charge. The report unveils a transformative phase for India's workforce, promising unparalleled opportunities for skill development and career growth.