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Gobalisation, demographic changes and the adoption of Industry 4.0 exponential technologies are the three factors going to determine the job scenario in India in 2022, a FICCI-Nasscom and EY study has said. The report, titled ‘Future of Jobs in India’, provides an overview of the job creation rates across various sectors and the new jobs that will emerge in the coming years. It looks into five sectors in detail: IT/ITeS, retail, financial services, textile & apparel and auto.
Sanjaya Baru, Secretary General, FICCI, said, “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.”
As per the report, around 9 per cent will be working in the jobs that do not exist today and 37 per cent will be in jobs that have radically changed skill sets. Also, 54 per cent will come under the unchanged job category. “The report attempts to present a 2022 picture – a time when no one can afford to ‘rest on one’s laurels’ but needs a continuous learning culture. Another important fact being seen is that non-tech firms are increasingly emerging as the source of information technology roles,” said R Chandrasekhar, President, Nasscom.
The effect of the three primary forces on IT/ITeS, retail and financial services is going to be disruptive. Business models will undergo a significant change leading to a significant impact on the skills and capabilities needed to be successful in this sector. On the other hand, sectors such as apparel, textile and leather won’t be affected much in the short run.
In the organised manufacturing and service sector, the employment is expected to increase from the current 38 million to 46-48 million by 2022. All the new forms of employment are expected to add a further 20 per cent- 25 per cent to the workforce of the current defined “organised” sector in 2022. Anurag Malik, Partner - People & Organisation, Advisory Services, EY, said, “The adoption of exponential technologies is disrupting industries by creating new markets and India is at the cusp of this change.”
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