Fast forward: Relevant skills for a buoyant Indian economy

The global megatrends such as rapid urbanisation, demographic shifts, and shift in global economic power, political shifts and technology are influencing the way business is run. Technology (automation, artificial intelligence, among other components of Industry 4.0), in particular, is transforming the workplace, nature of work and skill requirements. There will be a significant reduction in the number of rule- and routine-based jobs due to increased human-machine interaction and the availability of adaptive and intelligent technology.

PwC has launched a knowledge paper in collaboration with FICCI Rajasthan State Council on the relevant skills required for a future buoyant Indian economy. Some of the key takeaways from the report are:

• The existing workforce will be most vulnerable to job loss if not equipped with the higher order skills required to perform under a changed scenario.
• The potential impact of automation on jobs will vary across occupations and sectors—Physical or manual activities performed in predictable environments are more susceptible to automation.
• Workers of the future will spend more time on managing people, applying expertise, and communicating with others.
• Focus on Science, Technology, Engineering and Mathematics (STEM) education will be critical to enable students to innovate, learn problem solving skills and creativity.
• There is a need for stakeholders in the skills ecosystem to start planning for upskilling and reskilling of the workforce already employed in existing industry establishments.