Job creation ‘most pressing’ global issue, says Nirmala Sitharaman at World Bank-IMF event

The World Bank has previously conducted several studies on sectoral trends and their potential impact on employment, covering areas like ‘green jobs’, jobs after artificial intelligence, and shifts due to changing demographics, she said on Thursday.

However, she stressed that the need for the hour is a more comprehensive, multi-sectoral analysis, one that examines how emerging trends interact and influence both job loss and job creation.

This analysis should also consider factors like geopolitical fragmentation and its effects on sectors such as food production, exports, and related employment, she added.

In addition to the traditional manufacturing-led development pathway, Sitharaman highlighted the need to explore alternative growth strategies and the types of jobs they will generate.

During her intervention, the finance minister urged the World Bank to collaborate with countries in identifying high-priority skilling sectors based on data, analysis, and knowledge work, with a focus on generating employment, skill matching, and labour retention.

She also underscored the importance of an outcome-oriented roadmap with a clear implementation strategy to effectively put these plans into action.

Currently in the American capital to attend the annual meetings of the International Monetary Fund and the World Bank, Sitharaman on Thursday held a bilateral meeting with Rachel Reeves, Chancellor of the Exchequer of the United Kingdom.

The two leaders discussed bilateral issues.

Sitharaman said that India looks forward to the next Economic and Financial Dialogue during first half of next year in London.

She also conveyed best wishes to her for her first Budget presentation next week.

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