AI is forcing job seekers to develop new skillsets: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman spoke to Rahul Joshi, managing director and editor in chief, Network18 about the employment and job market in India.

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 | February 2, 2024 , 5:30 pm
Earlier this week, the Reserve Bank of India (RBI) imposed severe restrictions on Paytm Payments Bank, after noting material discrepancies and non-compliance issues.
Earlier this week, the Reserve Bank of India (RBI) imposed severe restrictions on Paytm Payments Bank, after noting material discrepancies and non-compliance issues.

In an exclusive conversation with Network18’s managing director and editor in chief Rahul Joshi, Finance Minister Nirmala Sitharaman spoke about the employment and job market in India.

There has been news of students, and freshers not being able to find jobs despite being from the top institutions of the country like IITs and IIMs. According to Sitharaman, discussions on this topic are currently based on limited knowledge and information. There are more companies being registered in India and they obviously cannot operate in vacuum. Furthermore, lower and middle order jobs are not being taken into account. “Why are companies being registered in higher numbers if jobs are not being offered?,” said the FM.

Read More: Paytm and Fintech: FM Sitharaman hailed the youths’ contribution to fintech; ‘Won’t comment on a particular company’

The global slowdown is having an impact on Indian jobs as well, especially at the higher end in IIM’s and IIT’s. Sitharaman said, “because of artificial intelligence, the kind of job requirements expected of recruits is changing. People with old skillsets are expected to have new and additional set of skills for entering a certain are which until now, didn’t exist.”

The interim budget or the ‘Vote of Account’ for 2024 was presented by FM Nirmala Sitharaman yesterday, Feb 1.

During her Budget speech on February 1, Sitharaman said that through the Skill India Mission, the government has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth so far. The government has “established 3,000 ITIs and large institutions of higher learning including 7 IITs, 16 IIITs, 7 IIMs and 15 AIIMs and 390 universities have been set up.”

Read More: FM Nirmala Sitharaman to Network18 Group’s Rahul Joshi: “This is secularism in action”

In September 2023, the Modi-led government unveiled the Skill India Digital Platform to bring all skilling initiatives under a single umbrella and provide skill development and entrepreneurial support to people. More than 264 skilling courses from 42,623 centres from across the country will be available under the platform, which will also provide opportunities for job exchange, apprenticeship, and entrepreneurship.

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