Energy is one among the prime factors that indicate or contribute to a nation’s economic growth. Power generation and consumption of a country help analyze its economic development as literally every sector (domestic or commercial / industrial) is highly dependent on the availability of energy resources. In fact, the per capita energy consumption figures are clear indicators of the standard of living of any country. Similarly, any change in a country’s power demand is proportionately reflective of the nation’s economic activity or productivity (GDP).
‘Electricity is key to economic growth and job creation’ was one of the prime joint statements released after the 2010 International Electricity Summit held in Japan (Apr 2010). The press release further said that electricity remains the backbone of the world’s largest economies and is essential for economic growth. High costs or inadequate (unreliable) availability of power could drastically hamper or dampen economic growth, the release further said.
Just citing an example to demonstrate how significant the electric power industry is – it is a $365 billion worth industry in the USA, employing almost 400,000 workers, and representing 3 percent of the real GDP. Other suggestive indicators of how vital the power generation industry is, is Reuters’ May 2011 press release headlined ‘New U.S. Institutes to help tackle Clean tech Workforce Shortage’.
Energy Biz Apr 2011 reported that the US Utilities energy sector is facing a severe challenge (shortage) of manpower, and announced that the National Grid is engaging in strategies to develop a qualified and trained manpower to meet future needs. Another press release (May 2011) stated that Germany has offered its expertise in installation of renewable energy projects and power plants, to Pakistan, which is currently passing through the worst energy crisis ever. The statement mentioned that Pakistan is severely hit by a ‘horrifying’ energy crisis which is badly affecting its industrial sector. Another recent news headline read ‘For Bangladesh, upgrading its economic status of present is a daunting challenge, primarily owing to the country facing a severe shortage of power supplies’.
Nigeria’s has declared the human capacity shortage as among the key challenges its economy and infrastructure (power sector) is facing currently. Quanta Services First Quarter 2011 Results has acknowledged a potential shortage of skilled employees and the challenge it is dealing with, in attracting skilled labor and retaining key personnel and qualified employees. Asia Times’ (May 2011) reported that the ‘Pervasive and Ongoing power shortages represent perhaps the biggest hurdle to sustaining Vietnam’s fast economic growth and attractiveness as a manufacturing base to foreign investors’. 24/7 Wall Street (May 2011) reported ‘Energy shortage in China to slow GDP’.
In fact, one of the most implying indicators of the significance of energy or power in the economic world is the fact that its inadequate supply could disrupt or weaken stocks (stock market shares) too; as one of the news headlines in Wall Street Journal (May 2011) read ‘Asian Shares mostly up, Tokyo down on power shortage worries’.
These are just a few examples to show how the power or electricity industry (generation and distribution) could impact national economies, their currencies and global stock exchanges. And considering how crucial a role power and resources (and hence power plants and their workers) play in the global economy, IMR is equipped with in-depth understanding of all power plant facilities, and the specialty personnel required for all of their functions. IMR is prepared with its ‘energy and resources’ sub-division, to exclusively supply & recruit professionals for all manpower requirements of this industry from India, including specialists for the following:
You’re welcome to reach us via email at email@example.com to know how we can be your one stop energy manpower recruitment agency in India.