Finance minister Nirmala Sitharaman has called jobs creation the most pressing global issue, given the continued economic headwinds and rapid technological changes that are reshaping the skills needed for youth to enter the job market.
The minister said the World Bank has previously conducted several studies on sectoral trends and their potential impact on employment, covering areas like ‘green jobs,' jobs after artificial intelligence, and shifts due to changing demographics. However, she stressed that the need for the hour is a more comprehensive, multi-sectoral analysis -- one that examines how emerging trends interact and influence both job loss and job creation. This analysis should also consider factors like geopolitical fragmentation and its effects on sectors such as food production, exports, and related employment.
In addition to the traditional manufacturing-led development pathway, Sitharaman highlighted the need to explore alternative growth strategies and the types of jobs they will generate. She urged the World Bank to collaborate with countries in identifying high-priority skilling sectors based on data, analysis, and knowledge work, with a focus on generating employment, skill matching, and labour retention. She also underscored the importance of an outcome-oriented roadmap with a clear implementation strategy to effectively put these plans into action.
