New Delhi: Finance Minister Nirmala Sitharaman has emphasized the significance of job creation as a major global issue, especially in light of ongoing economic challenges and rapid technological advancements reshaping the labor market.
During a discussion in the US on “How Should the World Bank Shape Its Future Strategic Direction and Help Clients Create More Jobs to Keep Pace with Evolving Megatrends,” Sitharaman called for urgent action and a comprehensive analysis to tackle these issues.
In an official statement, the Finance Ministry highlighted Sitharaman’s intervention at the plenary lunch, where she underscored the urgency of addressing the changing job market landscape due to economic headwinds and technological changes.
Sitharaman, currently on an official visit to the US, is participating in various meetings including the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, as well as the G20 Finance Ministers and Central Bank Governors Meetings.
During the discussion, Sitharaman emphasized the need for a multi-sectoral approach to studying the impact of emerging trends on employment, including the effects of AI, demographic shifts, and geopolitical changes.
She also stressed the importance of exploring alternative growth strategies beyond traditional manufacturing-led models to adapt to the evolving job market demands driven by technological advancements.
Additionally, Sitharaman called for enhanced collaboration between the World Bank and countries to identify high-priority sectors for skill development, based on thorough data analysis and knowledge-based approaches to align skills with market demand and retain skilled labor.
She further emphasized the importance of creating a focused roadmap with a clear implementation strategy to ensure readiness to meet the changing demands of the global job market.
