The report that highlighted the impact of globalisation, demographics, and exponential technologies on job landscape said by 2022, 9 per cent would be deployed in new jobs that do not exist today, while 37 per cent would be in jobs that have radically changed skill sets.
Jobs of 21 per cent of workforce in 2017 would face "existential threat", the report noted.
"The adoption of exponential technologies is disrupting industries by creating new markets and India is at the cusp of this change," said Anurag Malik Partner-People & Organisation, Advisory Services, EY.
Malik further said rapid embracing of these exponential technologies by Indian companies has the potential to transform highly unorganised sectors such as transportation, maintenance, food catering, and software development services into organised ones.
According to the report, the organised manufacturing and services sector employment is expected to increase from the current 38 million to 46-48 million by 2022.
All the new forms of employment are likely to add a further 20-25 per cent to the 'organised' sector by 2022 and this would increase the share of the organised sector in the overall economy to 10 per cent from 8 per cent at present, around 60 million in a workforce of 600 million, it noted.
For the report, EY interacted with more than 130 business leaders, academicians and representatives of industry associations across sectors (IT-BPM, automotive, retail, textiles and apparel, BFSI) in India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.