Top Economist on the Future of India's Jobs: AI, Semiconductor Industry, Informal Sector and More!
Apr 4, 2024
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Top economist Neelkanth Mishra shares deep insights into India's economic landscape. Topics include challenges in informal economy, scaling manufacturing, boosting growth, AI's impact on jobs, and potential immigration corridors. The discussion also covers financial mechanisms, service sector outlook, and democratizing opportunities for holistic growth.
India's emphasis on manufacturing job creation and increasing business services exports for economic growth.
Significant informal job sector in India necessitates equitable income distribution and sustainable job creation.
AI in India poses challenges and opportunities for job creation, emphasizing reskilling and agile policy-making.
Deep dives
Manufacturing Jobs Growth Potential in India
India aims to generate a significant number of large-scale manufacturing jobs in the next 5 to 10 years. Additionally, there is a focus on increasing business services exports, which are projected to surpass IT services exports in the next 20 years. AI is viewed as both a threat and an opportunity for job creation in India.
Addressing Employment Generation Challenges in India
India faces the challenge of creating sufficient jobs for its growing working-age population. While the number of formal jobs is increasing annually, it falls short of the inflow of new job seekers, leading to a significant informal job sector. Achieving equitable income distribution is not only a social imperative but also an economic necessity for sustainable growth.
Economic Growth and Job Creation Strategies
The economic prosperity of India is linked to equitable income distribution and job creation. Manufacturing jobs, services, and construction sectors are highlighted as key areas for employment generation. Optimizing capital availability, reducing regulatory barriers, and enhancing productivity are emphasized to unlock the growth potential in these sectors.
Potential of Business Services Exports in India
The podcast discusses the significant potential of business services exports in India as a key factor for economic growth and job creation. It highlights the shift towards business services like consulting, accounting, and engineering, emphasizing the growth opportunities in this sector. The speaker points out the importance of creating formal structures and trade agreements to boost business services exports, leading to income generation and job opportunities.
Implications of AI on Job Creation
The impact of AI on job creation is explored, especially in developed economies where automation poses a threat to middle-skill jobs. However, in the context of India, AI presents both challenges and opportunities. The discussion focuses on leveraging AI for services trade and treating it as a systemic advantage for future growth. The podcast underscores the need for reskilling, agile policy-making, and the importance of shaping trade agreements to maximize the benefits of AI in job creation.
What is the true story of India's employment landscape, and what can we learn from these stories to scale the economy meaningfully? Neelkanth Mishra shares deep insights from his years of research and experience in the field - for our last SparX special series on India's Economics.
If you are curious about India's labour force and want meaningful insights into India's current stage - this episode is a must watch! Don't miss it.
00:00:00 - 00:01:11 Coming Up
00:01:11 - 00:02:52 Episode Introduction
00:02:52 - 00:14:24 India's Informal Economy: Explained
00:14:24 - 00:19:58 How Can We Get Rich Before We Get Old?
00:19:58 - 00:29:47 How Can We Scale India's Manufacturing Sector?
00:29:47 - 00:38:30 What Is Holding India Back From Achieving Growth?
00:38:30 - 00:46:01 Boosting India's Manufacturing Capabilities: Make In India, Semiconductors and more!
00:46:01 - 00:55:29 Analysing Financial Mechanisms for Growth: Why we can't adopt China's model
00:55:29 - 01:01:29 Service Sector in India - What can we expect in the coming years?
01:01:29 - 01:06:29 Knowledge Transfers Re-Shaping the Country - IT, Aerospace and Semiconductor Industry
01:06:29 - 01:10:55 Possibilities of Immigration Corridors Between India and the World!
01:10:55 - 01:13:49 Democratising Opportunities Across India
01:13:49 - 01:17:10 Job Creation In the Coming Years: Holistic Growth, State Intervention and Optimism
01:17:10 - 01:23:36 How Will AI Affect India's Jobs?
01:23:36 - 01:24:31 Concluding Comments
01:24:31 - 01:25:18 Outro
Resources
1. Trends of employment in the Indian agriculture sector https://data.worldbank.org/indicator/...
2. Data for India’s exports for the month of February, 2024 https://commerce.gov.in/wp-content/up...
3. Periodic Labour Force Surveys: https://esankhyiki.mospi.gov.in/catal...
4. Visit the MOSPI website for more information: https://esankhyiki.mospi.gov.in/
5. More on India’s semiconductor industry: https://economictimes.indiatimes.com/...
6. An overview of India’s manufacturing sector: https://www.statista.com/outlook/io/m....
7. Data on global immigration patterns: https://worldmigrationreport.iom.int/...
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