Upskilling can Boost India’s GDP by ₹40 Trillion by 2030: WEF

Investment in upskilling has potential to boost the global GDP by $6.5 trillion by 2030, including by $570 billion (over ₹40 trillion) in India alone—the third highest after China and the US, a WEF report showed on Monday.

The study released during the ongoing online Davos Agenda Summit, to be addressed by Prime Minister Narendra Modi and a host of other global leaders, also said that accelerated investment in upskilling and reskilling of workers could create 5.3 million (net) new jobs by 2030, and help develop more inclusive and sustainable economies worldwide.

Country-wise, India has the second highest additional employment potential at about 2.3 million, after the US at close to 2.7 million, but much more than 1.7 million for China.

The report, Upskilling for Shared Prosperity, authored in collaboration with PwC, found that accelerated skills enhancement would ensure that people have the experience and skills needed for the jobs created by the Fourth Industrial Revolution—boosting global productivity by 3%, on average, by 2030. According to Sharan Burrow, general-secretary, International Trade Union Confederation (ITUC) “investment in job creation is key to ensuring a Reskilling Revolution, and concerted action by governments and by business is needed urgently”.

Source : PTI