Fueled by rapid economic growth and government regulation, India's private security industry has added a million new jobs to the economy, reports The Economic Times.
According to India's The Hindu Business Line, the sector will grow by 20 to 25 percent over the next five years.
For hundreds of thousands of job seekers, especially rural youths, private security service has thrown up a wide range of job opportunities. The number of people employed as securit[y] guards is expected to double in the next five years to 10 million.
India's Private Security Agency (Regulation) Act of 2005 has aided industry growth. The law set strict licensing and training standards to ensure that unsavory individuals do not become security guards. Prospective security guards now receive a mandatory 20 days of training, said Kunwar Vikram Singh, chairman of the Central Association of Private Security Industry.
As a result, the law has encouraged organizations to use private security to supplement the country's police force.
“It is not possible for police to deploy security personnel everywhere. Encouraging private security agencies to come up is a right step to help the police,” said Delhi Police spokesman Rajan Bhagat.
The sector's economic growth has also piqued the attention of foreign investors. In early December, the Swedish security firm Securitas AB bought a 49 percent stake in the Delhi-based Walson Services.