India's job market to grow 22% in 5 years: WEF
A new World Economic Forum (WEF) survey has estimated that the job market in India is set to witness a growth of 22% over the next five years. In its Future of Jobs report, the WEF also claimed that top roles would emerge from artificial intelligence (AI), data, and machine learning segments. Meanwhile, global job market churn is projected at 23% by 2027.
Know about WEF's survey
The survey was conducted across 803 companies, collectively employing over 11.3 million employees in 27 industry clusters and 45 economies from across the world. "Almost a quarter of jobs (23%) are expected to change in the next five years through growth of 10.2% and decline of 12.3% (globally)," the WEF report stated.
What WEF's report predicted about Indian job market
When it comes to India, 61% of companies think broader applications of environment, social, and governance (ESG) standards will lead to employment growth, followed by raised adoption of new technologies (59%) and also broadening digital access (55%), said the survey. Separately, India was among the seven nations where job growth was much slower for social jobs than non-social jobs.
India, US, Finland leading manufacturing, gas, oil sector: WEF
As per the report, the manufacturing and oil and gas sectors have the highest level of green skill intensity worldwide, with the United States (US), Finland, and India at the top of the list. Furthermore, more populous economies such as China and India were more positive than the global average when it came to nations' perspectives on talent availability while hiring.
Jobs in agriculture, education sectors
The WEF survey also claimed that the largest absolute gains in jobs would come from agriculture and education. Jobs in the education sector are set to witness a 10% increase, resulting in three million more jobs for vocational education teachers, higher education teachers, and university teachers. Meanwhile, jobs for agricultural specialists, especially agricultural equipment operators, sorters, and graders, are expected to increase by 15-30%.
