FACTBOX: India's population and labor market

(Reuters) - Here are some statistics on India's population and labor market, and the challenges faced in developing the workforce.

- The world's second most populous country, India accounts for 16 percent of the global population. It is projected to overtake China by 2050 when its population is projected to have risen to 1.7 billion from 1.16 billion in 2007.

- Strong economic growth -- it has averaged 8.6 percent growth over the last four fiscal years and is expected to grow at the same pace in the year to March 2008 -- means India not only needs to generate jobs for a young, increasingly urban population, but also train people.

- Technology and outsourcing sector jobs are expected to grow to 2.3 million in 2010 from 700,000 in 2005 and indirect employment to 6.5 million from 2.5 million, according to a report by consultancy McKinsey that was commissioned by industry body NASSCOM.

The Confederation of Indian Industry reckons 8 million new factory workers will be needed by 2013.

- India produces 2.5 million graduates every year, though only about 15 percent are suitable for employment in sectors such as technology and outsourcing.

- Status TeamLease Services, India's largest staffing company, said in its 2007 report that 90 percent of employment opportunities require vocational skills, but 90 percent of Indian college or school graduates lack relevant skills.

Sources: International Monetary Fund (www.imf.org/external/np/sec/pn/2007/pn0709.htm); www.teamlease.com; www.nasscom.com.

(Writing by Nagesh Narayana; Editing by John Mair)