According to the latest report from the World Economic Forum, India’s employment change is expected to moderate over the next five years compared to the global employment rate. According to a report titled “Future of Jobs 2023,” the domestic job turnover rate is expected to reach 22% in the next five years, compared to 23% globally.
The Future of Jobs report includes the perspectives of 803 companies employing more than 11.3 million workers in 27 industry clusters and 45 economies around the world. Of his 673 million jobs reflected in the report, respondents expect 69 million jobs to grow structurally and 83 million jobs to decline, according to the report. This equates to his net reduction of 14 million jobs, or 2% of current employment.
India is one of seven countries, including Brazil and the United Arab Emirates (UAE), to see slower job growth in the social sector compared to non-social jobs, according to the report. is.
By sector, 61% of Indian companies believe the application of Environmental, Social and Governance (ESG) standards will help boost employment in the country. This is followed by 59% of businesses perceiving increased adoption of new and advanced technologies to drive job growth in India. A whopping 55% of businesses believe that increased digital access will have a significant impact on their national turnover rate.
Among the roles, 38% of companies believe the role of artificial intelligence (including machine learning and neural networks) is driving the country’s economic upheaval, according to the report. This is followed by data analysts and scientists (33%) and business development professionals (24%). According to the report, more than 75% of his companies globally are considering adopting these technologies in the next five years. 86% of businesses worldwide plan to integrate digital platforms and apps into their operations over the next five years. E-commerce and digital commerce are expected to be adopted by 75% of businesses.
According to the report, populous countries such as China and India are more active than other countries in the world regarding the availability of human resources in employment.
In March this year, the country’s unemployment rate jumped to a three-month high of 7.8% from 7.5% in February 2023 and 7.14% in January 2023, according to CMIE (Center for Economic Monitoring of India) data. rice field.
The urban unemployment rate rose to 8.5% in March 2023 from 7.9% in February 2023, while the rural unemployment rate rose to 7.4% from 7.2% the previous month.
To create jobs for the country’s unemployed youth, the government said in March this year that job creation, coupled with improving employability, was a priority for the government.
