Looming job threats? 21% Indians set to face job loss
What's the story
With the onset of artificial intelligence and automation, nearly 21% of India's workforce is set to face job threats by 2022, FICCI said in a report.
The report emphasizes that over the next five years, professionals from the IT sector face the highest risk of losing their jobs.
Other sectors that fall within this space are retail, textile and automobile.
AI
AI set to obsolete 7 lakh IT jobs by 2022
India is set to lose nearly 7 lakh low-skilled IT jobs over the next five years due to the rising application of artificial intelligence, a report published last week said.
While low-skilled jobs are set to diminish, medium and high-skilled jobs are estimated to increase by nearly 1.9 lakh.
The report stated that the IT and BPO industries will likely bear the brunt.
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Robotics, automation to make redundant various jobs
"The emergence of Robotic Process Automation (RPA) is eventually going to sound the death knell for most high-throughput, high-intensity jobs, as both service providers and enterprises master the ability to apply these technologies effectively," industry experts said.
Skill-based education
How can this be improved?
It is not all bad news. Experts highlight that skill-based education and training can boost employability within high-intensity jobs.
Future jobs in the IT sector would include VFX artists, wireless network specialists, data architects and scientists and software developers.
Another big area that could welcome more opportunities is in creating disruptive business models, or those that convert inefficient markets into efficient ones.