Indian Financial Sector faces soft skills gap: KPMG

Mumbai, May 25 (UNI) India faces a daunting challenge to locate Mumbai as an ideal location for International Financial Centre (IFC) due to relative underdeveloped financial sector and low-skilled work force in the sector, according to KPMG report released here today.

The report on global skills for graduates in financial services was presented today by Ian Gomes, chairman of KPMG, UK.

''The recuritment of the right talent into the financial services industry is a big issue in both London and Mumbai. The report shows that graduates are leaving education with inspiring theoretical knowledge but lack of practical job-related skills,'' Mr Gomes said.

According to the report, India is experiencing skills gap, which needs immediate attention. Many companies looking at expanding their global operations are already experiencing a talent gap. Most of the graduates, which are hired, lack skills in the areas of communication, creativity and corporate thinking.

It stated that financial services organisations in India are experiencing fierce competition for talent, with more than 58 per cent of Indian organisations, participated in this research, were experiencing difficuties in recruiting right person with right skills.

The skills gap is due to the rapid growth in banking and insurance industries and the emergence of new business segments like private banking and wealth management and the education institutions' need to meet the growing need of India's evolving financial services industry, the report added.

UNI