The Indian job market is expected to decline by 22 percent in the next five years. At the same time, the demand for AI, machine learning and data segments is expected to increase.
Globally, the job market is projected to shrink by 23 per cent, with 69 million new jobs expected to be created and 83 million job losses by 2027, the World Economic Forum (WEF) has said in its latest Future of Jobs report.
Nearly a quarter of jobs (23 per cent) are expected to change over the next five years through 10.2 per cent growth and 12.3 per cent decline (globally), the WEF said.
According to the estimates from 803 companies surveyed for the report, employers expect 69 million new job creations and 83 million job losses out of 673 million jobs in the dataset.
In such a situation, there can be a reduction of 1.4 crore jobs, which is about 2 percent of the current employment.