Modi 2.0 is acting all smug and gung-ho about the economic future of the nation, including creation of jobs, a major concern for some time now. However, a recent report would seem to suggest that the crisis in the employment sector is only going to deepen further.
According to the report, carried by the The Economic Times, we are staring at a massive decline in creation of jobs due to mechanisation (automation). The report, which quotes a Team Lease survey, suggests that there will be a 37 per cent decline in jobs in crucial sectors such as e-commerce, banking, financial services, insurance and BPO-IT. This decline is below the estimated figures of 2018-22.
As per the survey, besides these sectors, there will be a significant decline of jobs in marketing, advertising, agriculture, agrochemicals, telecommunication, BPO, IT, media, entertainment, healthcare and pharmaceuticals sectors.
“In the next four years, in most sectors, the crisis of jobs can deepen in the long run. And this crisis will continue till our policy makers do not reframe policy keeping Artificial Intelligence/Automation in mind,” says Rituparna Chakraborty, VP, Team Lease.
According to the report, individuals who are well-versed with modern technology and associated skills would be more likely to survive in the job market than their less skilled counterparts in the years ahead.
This crisis of jobs can affect most agriculture and agrochemical sectors and in this sector, jobs may fall by up to 70 per cent in the coming years. However, the report says, jobs in the construction and real estate sector will increase by 44 per cent.
According to the report, most jobs can be found in automobile and allied industries, but if you talk about growth in this sector, it will only be 10 per cent.