By 2022, 37% of India's workforce would be in new jobs

New Delhi: Around 37 per cent of the country's workforce would be employed in new job roles by 2022, a report said here on Wednesday.

The joint report by Ficci-Nasscom and EY said by 2022, nine per cent of the country's 600 million estimated workforce would be deployed in jobs that do not exist at present.

According to the report -- which provided insights into the future of jobs and vision of change for the job market in India by 2022 -- exponential technologies in advanced markets is expected to improve productivity by 15-20 per cent in the next five years.

The joint report said 60-65 per cent of the Indian workforce in the IT-BPM would be deployed in jobs that have radically changed skill sets, followed by 55-60 per cent in BFSI (banking, financial services and insurance) and 50-55 per cent in the automotive sector.

It highlighted the impact that various primary forces such as globalisation, demographics, and Industry 4.0/exponential technologies, are expected to have on the key sectors of the economy.

"Today, the adoption of exponential technologies by companies in advanced markets is affecting the future of jobs in India. By 2022, new business process offshoring opportunities in North America/European markets are expected to become insignificant," said Arunkumar Pillai, Partner - Skill Development, Government and Public Services, EY.

"Hence, the need of the hour is to collaborate with and incentivise industry for skilling in exponential technologies to create an Industry 4.0 ready workforce," he added.

The report also provided an overview of the job creation rates across various sectors and the new jobs that will emerge in the next few years.

"In the organised manufacturing and service sector, the employment is expected to increase from the current 38 million to 46-48 million by 2022," the report said.

It added that all the new forms of employment are expected to add a further 20-25 per cent to the workforce of the current "organised" sector in 2022.

"This would increase the share of the organised sector in the overall economy to 10 per cent from current level of eight per cent which is approximately 60 million in a workforce of 600 million," the report noted.

The new forms of employment would include contract employees in infrastructure sector, employer-entrepreneurs in technology enabled employment models, freelance workers on online platform models and Uber workers, among others.