Washington: Jobs are the most pressing global issue, given the continued economic headwinds and rapid technological changes that are redefining the skills required for youth to enter the job market, Union Finance Minister Nirmala Sitharaman has stressed.
Speaking at the plenary lunch during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC, she said the World Bank has previously conducted several studies on sectoral trends and their potential impact on employment, covering areas like ‘green jobs,’ employment after AI, and shifts due to changing demographics.
However, FM Sitharaman stressed that the need of the hour is a more comprehensive, multi-sectoral analysis — one that examines how emerging trends interact and influence both job loss and job creation.
“This analysis should also consider factors like geopolitical fragmentation and its effects on sectors such as food production, exports, and related employment," FM Sitharaman added.
In addition to the traditional manufacturing-led development pathway, the Finance Minister highlighted the need to explore alternative growth strategies and the types of jobs they will generate.
“The Union Finance Minister urged the @WorldBank to collaborate with countries in identifying high-priority skilling sectors based on data, analysis, and knowledge work, with a focus on generating employment, skill matching, and labour retention,” the Ministry of Finance posted on X social media platform.
FM Sitharaman also underscored the importance of an outcome-oriented road map with a clear implementation strategy to effectively put these plans into action.
According to the ministry, FM Sitharaman also met UK Chancellor Rachel Reeves on the sidelines of the annual meetings in Washington DC and discussed bilateral issues.
“The Finance Minister said that India looks forward to the next Economic and Financial Dialogue during the first half of next year in London,” the minister said.
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New Delhi: Amid persistent foreign institutional investors (FII) selling and growing geopolitical tensions, India's foreign exchange (forex) reserves saw a $2.163 billion drop to stand at $688.267 billion in the week ended October 18, data from the Reserve Bank of India (RBI) showed. Meanwhile, gold reserves increased by $1.786 billion to $67.444 billion during the week, according to the central bank. There has been a surge in gold buying amid geo-political tensions. According to industry experts, gold is now acting as a hedge against US economic sanctions too, traditionally being a safe haven asset (store of value) and as a hedge against inflation. Despite inflation being moderated, gold has rallied to new highs. The share of gold in the country's forex has also surged more than 210 per cent since 2018. Last week, the forex saw $10.746 billion drop to $690.43 billion (for the week ended October 11). The forex had hit an all-time high of $704.885 billion at the end of September. Looking ahead, India’s forex reserves are projected to grow and the strong forex will boost its economic growth trajectory by strengthening its position internationally, drawing in foreign investments, and promoting domestic trade and industry. |
