Dear Friends,
We all know that the advent of Artificial Intelligence has already changed the nomenclature of various job markets globally. We also highly anticipate that more damage to happen worldwide with AI.
The governments, training institutes, schools and colleges are making many more steps to adapt to this new eco-system in the job market and to adjust with all the possible actions to make a grip on this.
In India, it is also a big question mark on this front. Already many have lost jobs due to the AI deployment on automation and the AI integration in the jobs. The new talent hunt is already in place among the employees and its potentials.
The American economist Jeffrey Sachs has predicted that India will become the world’s largest economy by the year 2100.
How is this possible?
Setting aside his wide perspective, let us look at this from the another angle.
For the emerging country India, it is likely to truly grow into the world’s largest economy, it must focus on three critical areas:
1. Its Jobs
Due to advent of AI, the nature of employment is set to change dramatically. Some jobs may disappear, while new ones will emerge drastically.
So it is so crucial to consider how we can update our existing skills to adapt to these shifts and how we can create new employment opportunities for the youth.
2. In the area of Manufacturing
Rather than solely relying solely on the services sectors for years, India must establish more factories to produce goods.
By manufacturing goods domestically and exporting them to globally, India must boost its employment and enhance its productive capacity in more numbers
3. The global trade
India must strengthen its competitiveness by navigating its tariffs, the trade policies and evolving trade landscapes of other nations in this area is a most at need action from its front.
It needs to drive demand for Indian products in the global market and secure a strong position in international trade.
One final point…
India’s large population is an unique opportunity for itself. However, this opportunity will only translate into genuine economic growth if that population is transformed into a skilled workforce, accompanied by an increase in both employment and production.
The future will belong to organisations that can reinvent themselves repeatedly without losing their own identity.
