Post-pandemic world demands major skilling of workforce: Das

Thursday 23rd September, 2021

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ECONOMY, P2 LOOKING AHEAD Post-pandemic world demands major skilling of workforce: Das NEW NORMAL Post-pandemic world demands major slkulling of workforce: Das FE BUREAU Mumbai, September 22 THE POST-PANDEMIC world has created a situation where the spread of automation will require a significant skilling of India's workforce, Reserve Bank of India (RBI) governor ShaktikantaDassaid on Wednesday. "A major challenge to inclusiveness in the post pandemic world would come from the fillip to automation provided by the pandemic itself. Greater automation would lead to overall productivity gain, but it may alsolead to slack in the labour market. Such a scenario calls for significant skilling/training of our workforce, Das said, speaking at an event organised by the All India Management Association (AIMA). The governor cautioned againsttheemergence of a digital divide as digitisation gains speed after the pandemic. Further, he stressed on the need for professional human resources trained in science, technology, engineering and mathematics (STEM). In the Reserve Bank or INadla governor ShaktiKanta Das short term, the supply of such a workforce cannotbe increased by the traditional educational system, and thus there is a need for close involvement of corporates in the design and implementation of courses suitable tothe changing industrial landscape, Das said. As the country recovers, it must deal with the legacies of thecrisis and create conditions for strong, inclusive and sustainable growth, he said. "Limiting the damage that the crisis inflicted was just the first step; our endeavour should be toensure durable and sustainable growth in the post-pandemic future. Restoring durability of private consumption, which has remained historically the mainstay of aggregate demand, will be crucial going forward, Das said. More importantly, sustainable growth should entail building on macro fundamentals via medium-term investments, sound financial systems and structural reforms. Towards this objective, a big push to investment in healthcare,education, innovation, physical and digital infrastructure will be required, he added. Mmdia should also continue with further reforms in labour and product markets to encourage competition and dynamism andto benefit from pandemic induced opportunities, Das said, applauding the production linked incentive (PLI) scheme for certain sectors. He said that the sectors and companies which benefit from this scheme must utilise this opportunity to further improve their efficiency and competitiveness. "In other words, the gains from the scheme should be durable and not one off, Das said. The governor observed that for growth to be sustainable,a transition towards a greener future will remain critical. There is a need for clean and efficient energy systems, disaster-resilient infrastructure, and environmental sustainability. "Due consideration should be given to individual country roadmaps keeping in mind country-specific features and their stage of development while adopting policies towards climate resilience," he said.