The future job market will be shaped by India’s response to the inevitable impact created by the interplay of three primary forces—Digital Economy, Industry 4.0 and Exponential Technologies by industries.
FICCI’s 11th Global Skills Summit in Delhi witnessed participation by various panellists including Narendra Shyamsukha, ICA Edu Skills’ founder & chairman; he is also the founder of Jain International Trade Organisation, which has incubated, financed and mentored start-ups such as Clinivantage, Stylenook and SatvaRas.
The future job market will be shaped by India’s response to the inevitable impact created by the interplay of three primary forces—Digital Economy, Industry 4.0 and Exponential Technologies by industries. FICCI, NASSCOM and EY had collectively published ‘Future of Jobs’ report in 2017. It noted that forces such as globalisation, changing demographics, Industry 4.0 are expected to have a significant impact on key sectors of the economy. It also provides a bird’s-eye view of projected job creation rates at 9% new jobs and 37% existing jobs that would have radically changed skill-sets in the near future. The latest edition of the Global Skills Summit witnessed discussions on how India can utilise its demographic distinction of possessing the largest productive workforce in the world to provide employment to its population.
“Instead of viewing the provision of employment as a challenge for its 15 million youth reaching the age when they ought to be joining workforce each year, India could leverage new skills by adopting exponential technologies in existing industries such as finance, logistics and many others with AI, IoT, Big Data, Cloud Computing and so on. Policy-makers and industry can ramp up infrastructure and convergence of IT and financial skills to provide sustainable livelihoods through institutional training. More rozgar melas and robust monitoring are needed to achieve the PMKVY’s goal of benefiting 10 million youth by 2020,” said Shyamsukha.
Other panellists at the summit were Ashutosh Agnihotri, commissioner & secretary, government of Assam, Winny Patro, CEO, Andhra Pradesh Innovation Society, Sidharath Kapur, president, GMR Airports, Raj Singh Rathee, MD, Kuka Robotics India, and Sunil Jose, senior area vice-president & country leader, Salesforce India.