The Economic Survey 2023-24 stated the urgent need for India to create 7.85 million non-farming jobs each year through 2030 to accommodate its expanding workforce, states the Survey presented by the Finance Minister Nirmala Sitharaman before the Parliament. Unemployment remains a significant challenge for the country’s youth.
The global labour market is undergoing a major transformation due to the fourth industrial revolution, and the survey highlighted that India will inevitably be affected by these changes.
The Survey mentions that there is a scope to supplement the existing schemes of Production Linked Incentive (PLI) (60 lakh employment generation over 5 years), MITRA Textile scheme (20 lakh employment generation), MUDRA, etc., while boosting their implementation.
The Economic Survey 2023-24 highlights AI’s transformative impact on India’s workforce, noting risks to the BPO sector due to AI-driven automation, yet foreseeing enhanced productivity through AI adoption.
It advocates proactive government and industry interventions to leverage India’s tech-savvy population, citing initiatives like ‘Future Skills Prime’ and the ₹10,300 crore India AI Mission.
The survey predicts significant growth in the gig economy, emphasising social security reforms for gig workers. It also addresses climate change’s job impacts and urges balancing AI adoption with employment generation. Additionally, it highlighted opportunities in agriculture, the care economy, and demographic shifts towards elder care.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
