FM urges WB to identify high-priority skilling sectors to generate employment

By  News On Air   Oct 25, 2024

Finance Minister Nirmala Sitharaman has urged the World Bank to collaborate with countries in identifying high-priority skilling sectors based on data, analysis, and knowledge work, with a focus on generating employment, skill matching, and labour retention. In her intervention at the plenary lunch organised on the sidelines of the World Bank and IMF Annual Meetings in Washington DC, Ms Sitharaman emphasised that jobs are one of the most pressing global issues. She highlighted the continued economic headwinds and rapid technological change that are redefining the skills required for youth to enter the job market.

The Finance Minister noted that the World Bank has previously conducted several studies on sectoral trends and their potential impact on employment, covering areas like green jobs, jobs after Artificial Intelligence and shifts due to changing demographics. She stressed that the need of the hour is a more comprehensive, multi-sectoral analysis that examines how emerging trends interact and influence both job loss and job creation. The minister added that this analysis should also consider factors like geopolitical fragmentation and its effects on sectors such as food production, exports, and related employment. In addition to the traditional manufacturing-led development pathway, Ms Sitharaman highlighted the need to explore alternative growth strategies and the types of jobs they will generate.

She also underscored the importance of an outcome-oriented roadmap with a clear implementation strategy to effectively put these plans into action.