“Future of Jobs” Report: India to witness less job churn in the next five years: WEF report

Source: The post is based on the article “India to witness less job churn in the next five years: WEF report” published in Business Standard on 1st May 2023

What is the News?

The World Economic Forum(WEF) has released the “Future of Jobs” Report. The report maps the jobs and skills in the coming years and tracks the pace of change.

What are the key findings of the “Future of Jobs” Report?

The report suggests that around 69 million jobs will be created and 83 million positions will be eliminated by 2027.

This will result in a net loss of 14 million jobs, equivalent to 2% of current employment.

The fastest declining roles will be secretarial and clerical roles such as bank tellers and cashiers which can be automated while demand for AI machine learning specialists and cybersecurity experts is expected to grow significantly.

What are the key findings of the “Future of Jobs” Report related to India?

Labour markets in India over the next five years are expected to witness a “Labour market churn” lower than the global average.

Note: Labour-market churn refers to the expected job movement, including new roles being created and existing roles being destroyed, as a proportion of current employment. 

– This excludes situations where a new employee replaces someone in the same role. 

Which sectors will drive employment in India?

The fastest-growing jobs in the near future will be led by technology-driven sectors like artificial intelligence and machine learning followed by data analysts and scientists and data entry clerks.

On the other hand, labour-intensive sectors like accountants and auditors, operations managers and factory workers are expected to witness the least job growth.