But given the affinity of India’s population to work with technology, as seen with the digital public infrastructure, proactive interventions by the Government and industry can position India as a key player in the AI age, the Economic Survey notes.
The employment scenario is shifting towards the gig economy, said the report. According to NITI Aayog’s indicative estimates based on national labour force survey data, in 2020–21, 77 lakh workers were engaged in the gig economy and as per the Economic Survey 2023-24, the gig workforce is expected to expand to 2.35 crore and form 6.7 per cent per cent of the non-agricultural workforce or 4.1 per cent of the total livelihood in India by 2029–30.
The survey further said that climate change has played a possible outcome in loss of jobs. Recognising climate change as a hard reality of the present times and projections pointing towards an increase in the frequency and intensity of extreme weather events, the Survey mentions its concomitant outcome as the possible loss of jobs and productivity.
India’s corporate sector is on the rise, said the survey. India’s corporate sector’s profitability is at a 15-year high in FY24 with profits quadrupling between FY20 and FY23.It mentions that businesses have an obligation to themselves to strike the right balance between deployment of capital and deployment of labour. In their fascination for AI and fear of erosion of competitiveness, businesses have to bear in mind their responsibility for employment generation and the consequent impact on social stability.