EP1 : Skills To The Rescue

India needs to create about 1.2 crore jobs every year to absorb new entrants into the labour market. However, with a 7 per cent growth rate, the country is able to generate only around 80–90 lakh jobs, which is a deficit of around 30–40 lakh jobs every year. Market survey reports point to the fact that only one-third of all students applying for jobs had the appropriate skills to match employers’ requirements. How will India overcome the big skill mismatch?

When it comes to adoption of Ai at workplaces, India is ahead of the rest of the world. 30 per cent of Indian companies are maximizing value through the use of Ai. The global average stands at 26 per cent. AI could potentially replace around 800 million jobs worldwide by 2030.  The economic impact? Projected at a colossal 15.7 trillion dollars by 2030. Over 120 million workers are poised to undergo retraining in the next three years as AI reshapes industry demands. Could Ai really come to the rescue of unemployment in India?