While the global economy is in a “much better position” than it was before last year, India’s major challenge will be to find jobs for its working-age population which is forecast to increase from about 740 million to 1.3 billion by 2050.
Job creation is not expected to pick up in 2017 and 2018 and unemployment in India is projected to increase from 17.7 million in 2016 to 17.8 million in 2017 and 18 million next year, according to a UN Labour report released earlier this year.
In percentage terms, unemployment rate will remain at 3.4% in 2017-18, according to the report.
In India, the problem has been lending for large industrial class. That is different from what we advanced economics face.
We have to think of universal basic income and what public sector has to do with health, education, infrastructure and cities which are liveable for people of all income levels,”
World Bank data estimates 69% of today’s jobs in India are threatened by automation
IT Industry in India
Despite contributing 9.3% of the country’s GDP, according to Nasscom, the IT industry only employs 3.7 million of the nation’s roughly half a billion working adults.
India is already struggling to create jobs amid rapid growth. Its working-age population increased by 300 million between 1991 and 2013, according to UN figures, but the number of people employed only rose by 140 million.
Still, robots replacing jobs en masse is unrealistic in the medium term in India – or anywhere else – but the effects are already being felt. Last September, Indian textiles giant Raymond said it would replace 10,000 jobs with robots over three years.
The Butler robot can pick up to 600 items an hour. That eclipses the 100 items a human worker can manage
The jobs of the future will focus on skills like critical thinking, collaboration and creativity.
the race between technology and skills – as India tries to keep pace with the very technology that helped launch its economy on the world stage