The world is changing at a faster rate than ever. Recent study entitled ‘Future of Skills and Jobs in India’ points out that globalisation, the adoption of exponential technology, as well as demographics changes are among key factors that will determine the forthcoming of India workforce. Commissioned by FICCI-Nasscom and EY, the report provides an outline of job creation rates across various sectors and new jobs that will arise in the next few years.

Secretary General of FICCI, Sanjaya Baru 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.”

According to the report, 37 percent Indians are projected to be in new jobs that demand radically changed skillsets by 2022, while 9 percent will be working in the jobs that do not exist today. Additionally, 54 percent of the workforce will remain on the unchanged job category, The Hindu Business Line reports.

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Regarding to these findings, President of Nasscom R Chandrasekhar said that the report attempts to present a 2022 picture, a time when talents need a continuous learning culture if they want to survive and thrive in the workforce. He also added that another important finding is that non-tech firms are now increasingly emerging as the source of information technology roles.

Furthermore, the report underlies that the effect of three primary forces in IT/ITeS, retail and financial services is going to be disruptive. Business models are expected to see significant change that will lead to significant impact on the skills and capabilities needed to be successful in this sector. On the other hand, other sectors such as apparel, textile and leather will not be affected much in the short run.

The hiring activity in the organised manufacturing and service sector is set to increase from the current 38 million to between 46 and 48 million by 2022. All the new forms of employment are expected to contribute a further 20 to 25 percent to the workforce of the current defined “organised” sector in 2022.

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