India’s GDP can be boosted by $570 bn till 2030 via investment in upskilling: WEF

A World Economic Forum (WEF) report shows that investment in upskilling can boost the global GDP by USD 6.5 trillion by 2030, including by USD 570 billion (over Rs 40 lakh crore) in India alone — the third highest after China and the US.

The study released during the ongoing online Davos Agenda Summit said that accelerated investment in upskilling and reskilling of workers could create 53 lakh (net) new jobs by 2030, and help develop more inclusive and sustainable economies worldwide.

The summit will be addressed by PM Narendra Modi and other global leaders

India has the second-highest additional employment potential at about 23 lakh, after the US at close to 27 lakh, but much more than 17 lakh for China.

The report named Upskilling for Shared Prosperity, published in collaboration with PwC said that accelerated skills enhancement would ensure the development of experience and skills among people for the jobs created by the Fourth Industrial Revolution – boosting global productivity by 3 per cent, on average, by 2030.

The additional GDP potential is the highest in China at almost USD 2 trillion, followed by close to USD 1 trillion in the US.

“Even before COVID-19, the rise of automation and digitization was transforming global job markets, resulting in the very urgent need for large-scale upskilling and reskilling. Now, this need has become even more important,” said Bob Moritz, Global Chairman, PwC.

The newly created jobs will be those that are complemented and augmented – rather than replaced by technology.

“Millions of jobs have been lost through the pandemic while accelerating automation and digitization mean that many are unlikely to return. We need new investments in the jobs of tomorrow, the skills people need for moving into these new roles and education systems that prepare young people for the new economy and society,” said Saadia Zahidi, Managing Director, World Economic Forum.

According to Sharan Burrow, General-Secretary, International Trade Union Confederation (ITUC) “investment in job creation, particularly climate-friendly jobs, is key to ensuring a Reskilling Revolution, and concerted action by governments and by the business is needed urgently.”

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