9% of Indian workforce will upgrade to new roles by 2022: Report

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EmploymentIndian workforce will change drastically and the majority of it will be employed in roles by 2022, according to a joint report by FICCI-Nasscom with Ernst & Young (EY).

According to Future of Jobs Report, 9 per cent of India’s 600 million estimated workforce will be deployed in jobs that don’t exist today.

The change is attributed to factors such as globalisation, demographic changes, and adoption of exponential technologies.

According to the report, in the next five years, exponential technologies in advanced markets will improve the productivity by 15-20 per cent, while 60-65 per cent of the Indian workforce from the IT-BPM sector would be positioned in jobs that involve drastically changed skill sets, followed by 55-60 per cent in the Banking, Financial Services and Insurance segment and 50-55 per cent in the automotive sector.

 “Since there is no India-based empirical study that highlights the impact of advanced technologies on key manufacturing and services sectors that create the bulk of jobs and contributes majorly towards GDP, FICCI and Nasscom initiated the study on ‘Future of Jobs’ with EY. The report examines the global megatrends, its impact on Indian economy and recommends the way forward,” said Sanjaya Baru, Secretary General, FICCI.

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