37% of the Indian workforce will be in new job roles by 2022: report
New Delhi: By 2022, 37% of the Indian workforce would be employed in new job roles, according to the Future of Jobs report commissioned jointly by Ficci-Nasscom with EY. The report provides insights into the future of jobs and vision of change for the job market in India by 2022.
The report claims that 9% of India’s 600 million estimated workforce would be deployed in new jobs that do not exist today. This will be due to the impact that various primary forces such as globalization, demographic changes and adoption of exponential technologies by Indian companies are expected to have on key sectors.
According to the report, exponential technologies in advanced markets are expected to improve productivity by 15-20% in the next five years, while 60-65% of the Indian workforce in the IT-BPM sector would be deployed in jobs that have radically changed skill sets, followed by 55-60% in BFSI and 50-55% in the automotive sector.
The changed job landscape in 2022
In the organized manufacturing and service sector, employment is expected to increase from the current 38 million to 46-48 million by 2022. All the new forms of employment are expected to add a further 20-25% to the workforce of the current deﬁned “organized” sector in 2022. This would increase the share of the organized sector in the overall economy to 10% from the current 8%—approximately 60 million in a workforce of 600 million.
Additionally, 54% of Indian workforce will fall under the unchanged job category. Demographic changes will have the highest impact on the future of jobs by 2022: 64% believe that it’s owing to the rising middle-class and 68% believe that it’s due to the creation of highly optimized supply chains.
The new forms of employment would include contract employees in infrastructure sector, micro entrepreneurs supported by MUDRA schemes, employer-entrepreneurs in technology-enabled employment models, freelance workers on online platform models, “Uber” workers, SME and artisan entrepreneurs on e-commerce platforms, delivery workers and service providers in the e-commerce ecosystem and employees in tech start-ups.