Sea Change In The Indian Job Market By 2022
According to a recent report, India’s job market will see a lot of change by 2022. It states that, the future of jobs in 2022 would be determined by the country’s response to 12 megatrends captured by the EY framework, which includes, under globalization – i) the level of exports of India based companies, ii) rapid adoption of exponential technologies in the advanced markets and its impact on offshoring, iii) increasing/shrinking overseas job market for Indian workforce and iv) level of FDI flows. Under adoption of exponential technologies by Indian companies – i) business innovation, ii) creation of highly optimized supply chains, iii) launch of smart connected products/services, iv) new work arrangements, and v) the demand for resourceful planet and sustainability. Lastly, under demographic changes – i) increasing urbanization, ii) rising middle-class and iii) high proportion of young population including millennials. In India, creation of highly optimized supply chains under exponential technologies and rising middle-class under demographic changes at 68% and 64%, respectively shall be the key influencers. New technologies and new industries are changing the dimensions of enterprises. In the evolved scenario, the “Future of Jobs” in India will be determined by the stakeholder response to the inevitable impact created by the interplay of three primary forces i.e. Adoption of exponential technologies, Global geo-political environment and Demographic changes. In the organized 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% - 25% to the workforce of the current deﬁned “organized” sector in 2022. This would increase the share of the organized sector in the overall economy to 10% from current level of 8%, i.e. approximately 60 million in a workforce of 600 million.
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