India joins Reskilling Revolution Initiative at World Economic Forum as a Founding Member

On January 22, 2020, India joined Reskilling Revolution initiative of World Economic Forum. It helps economies to adopt o changes being introduced by Fourth Industrial Revolution.

Highlights

India joined the Reskilling Revolution Initiative launched at the World Economic Forum as founding member. The other founding members include US, UAE, Russia, Pakistan, France and Brazil. The initiative aims at providing better education, jobs and skills for more than 1 billion people in the world by 2030.

Significance

According to the World Economic Forum, around 75 million jobs are to displaced. This is predominantly because of technological integration and automation. The transformation will also create large scale unemployment affecting the labour population greatly. It will also create demand for 133 million new jobs. Therefore, it is essential to shift the labour population towards the requirement of the technology upgrade. In order to achieve this, the Reskilling Revolution Platform has been launched.

Report

In order to achieve the reskilling, the World Economic Forum also released a report namely “Jobs of Tomorrow: Mapping Opportunity in the New Economy”. The report mapped 96 new emerging jobs in seven fastest growing professions based on new technologies.

Fourth Industrial Revolution

The transformation is happening mainly due to fourth industrial revolution. Fourth Industrial Revolution is the developing environment where robotics, Internet of Things and Artificial Intelligence are changing the lives of people globally. It has increased machine operated automation and changed the labour force involved.

Month: Current Affairs - January, 2020