Investing in upskilling has the potential to increase global GDP by USD 6.5 trillion by 2030, including India alone by USD 570 billion (over Rs 40 lakh crore)—A WEF report showed on Monday, the third-highest after China and the U.S. The report, to be discussed by Prime Minister Mr. Narendra Modi and a host of other global leaders during the online Davos Agenda Summit, also said that increased investment in upskilling and reskilling staff could generate 53 lakh (net) new jobs by 2030 and help to build more inclusive and sustainable economies around the world.
Country-wise, India has the second-highest additional growth outlook at about 23 lakh, led by the US at nearly 27 lakh, but with China at far more than 17 lakh crore).
The analysis, Upskilling for Mutual Prosperity, published in conjunction with PwC, showed that rapid development in skills would ensure that individuals had the expertise and skills available for the employment generated by the Fourth Industrial Revolution, increasing global productivity by an average of 3% by 2030.
“Even before COVID-19, the emergence of automation and digitization had disrupted global job markets, contributing to the very urgent need for upskilling and reskilling on a large scale. This need has now become even more critical,”
This need has become even more critical now,” said Bob Moritz, PwC’s Global Chair. Over the pandemic, millions of jobs have been lost, although accelerating globalization and digitization mean more are unlikely to recover.
The Managing Director of the World Economic Forum, Saadia Zahidi, said: “We need new investments in the jobs of tomorrow, the skills that people need to move into these new roles and educational standards that prepare young people for the new society and economy.”