Jobs creation most pressing global issue: Sitharaman

PTI, Oct 25, 2024, 8:59 AM IST

Finance Minister Nirmala Sitharaman has called jobs creation the most pressing global issue, given the continued economic headwinds and rapid technological changes that are reshaping the skills needed for youth to enter the job market.

She also asked the World Bank to collaborate with countries to identify high-priority skilling sectors that generate employment.

Sitharaman’s remarks came during her intervention at the plenary lunch “How Should the World Bank Shape Its Future Strategic Direction and Help Clients Create More Jobs to Keep Pace with Evolving Megatrends.” She emphasised that jobs are the most pressing global issue, given the continued economic headwinds and rapid technological change that are redefining the skills required for youth to enter the job market, the Ministry of Finance said on X.

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 said on Thursday.

However, she stressed that the need for the hour is a more comprehensive, multi-sectoral analysis — one that examines how emerging trends interact and influence both job loss and job creation.

This analysis should also consider factors like geopolitical fragmentation and its effects on sectors such as food production, exports, and related employment, she added.

In addition to the traditional manufacturing-led development pathway, Sitharaman highlighted the need to explore alternative growth strategies and the types of jobs they will generate.

During her intervention, the finance minister 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.

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

Currently in the American capital to attend the annual meetings of the International Monetary Fund and the Worl Bank, Sitharaman on Thursday held a bilateral meeting with Rachel Reeves, Chancellor of the Exchequer of the United Kingdom.

The two leaders discussed bilateral issues. Sitharaman said that India looks forward to the next Economic and Financial Dialogue during first half of next year in London. She also conveyed best wishes to her for her first Budget presentation next week.