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00:00Indians engaged in economic activities as of now in India, as per provisional estimates
00:05of RBI.
00:06In this context, we wanted to have a discussion today on how work landscape is going to look
00:13in the next five years, next 10 years as we go ahead, particularly with the global changes,
00:19with the geopolitics, with the various challenges of new technologies.
00:25We very much appreciated the growth in the global capability centers, for example, which
00:31is evidence that India has the technologically qualified labor force, which is attracting
00:39the MNCs to set up global capability centers in the country.
00:44And in that context, we discussed how the job market is going to look with respect to
00:48green jobs, in the tourism, hospitality sector, health sector, in smart manufacturing.
00:54What are the skills we need to equip our youth with as we go ahead, so that they remain
00:58employable, they remain productive, and there is more job creation in the country to meet
01:04the aspirations of a growing country?
01:06One more question, I realize.
01:09AI is a huge disruptor for a lot of industries, or will be eventually.
01:15And you're talking about this utopian phase that we might reach.
01:19What kind of skilling and upskilling are we going to see in the next couple of years
01:24for our youth to really be future ready?
01:27That's very interesting.
01:28And today's presentations by industry made it amply clear that whether we are talking
01:34of smart manufacturing, or electronics manufacturing, or green jobs, or logistics, or even tourism
01:40and healthcare, everywhere, skilling in digital technologies, skilling in the latest technologies,
01:47AI driven virtual reality, all these are playing a very big role in creating the need
01:52for new skills and new job opportunities.
01:55So we are very optimistic that skilling in the right direction, which matches the demand
02:01in the labor market, is definitely going to meet the need for job opportunities in the country.
02:07And is there any trend where you've seen that because of AI, especially in the IT sector,
02:12we've seen a lot of layoffs happening recently, emphasis, TCS, the likes.
02:18Is that a trend because of AI?
02:21Is that something the environment ministry has seen?
02:24When we look at our data, we see that there is a high attrition rate, and people move
02:29from job to job.
02:31And that is not necessarily a bad thing, because there are opportunities.
02:36And we do see a lot of them rejoin.
02:39When we look at EPFO data, there is attrition rate, there are rejoinees, there's a growing
02:44job market, there's growing formalization in the economy.
02:47So I would still say that AI and technology is creating a shift in the job opportunities,
02:56and that is where we need to meet that challenge and create opportunities.