Union Finance Minister Nirmala Sitharaman emphasised that jobs are the most pressing global issue, given the continued economic headwinds and rapid technological change that are redefining the skills required for youth to enter the job market.

In her intervention at the plenary lunch, Sitharaman, while speaking on the topic “How Should the World Bank Shape Its Future Strategic Direction and Help Clients Create More Jobs to Keep Pace with Evolving Megatrends,” noted that the World Bank has previously conducted several studies on sectoral trends and their potential impact on employment, covering areas like ‘green jobs,’ jobs after AI, and shifts due to changing demographics. However, she 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, she added.

In addition to the traditional manufacturing-led development pathway, Sitharaman highlighted the need to explore alternative growth strategies and the types of jobs they will generate.

She urged the World Bank 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 labor retention.

She also underscored the importance of an outcome-oriented roadmap with a clear implementation strategy to effectively put these plans into action.