Economic Survey 2023-2024 Highlights Emerging Job Trends in India's Tech and Gig Economy

Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development | Business Insider India

India's economic engine is roaring, and the job market reflects that optimism. The latest 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success. The good news is plentiful, if the recent Economic Survey tabled by is to be believed. The has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers. The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce. However, amidst the optimism, there are challenges to navigate. While (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation. Another significant hurdle is the widening . The rapid transformation of the , marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, , , and Web and Mobile Development are becoming increasingly important. Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey. The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap. The Economic Survey identifies promising sectors with the potential to create a significant number of jobs: India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management.

AI, agro-processing, gig economy with most job potential: Economic Survey

The Economic Survey 2023-24 released on Monday, highlighted several sectors with significant job creation potential for India's future workforce, particularly in artificial intelligence (AI), agro-processing, and the growing gig economy. The impact of climate change also has the potential of adding jobs in the renewable energy sector. The accelerated growth in AI is set to revolutionise the global economy, and India is no exception. AI has already made significant strides in sectors such as agri-tech, industry and automotive, healthcare, BFSI, and retail in India. For instance, Praman Exchange, the world's largest horticulture exchange, uses computer vision to map the quality of horticulture products, achieving a 95 per cent accuracy rate compared to the 70 per cent accuracy of manual assessments.