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The world is going through a recession thanks to the impact of the pandemic. With economies shrinking and businesses tightening their belts for survival, many people have been rendered jobless. Most sectors of the economy starting from manufacturing, tourism, airlines, logistics, hospitality, trade and commerce, and others were forced to shut shop during the lockdown. Now, these sectors are slowly opening up and looking to pick up from where they had left a year back. However, not everything is hunky-dory as the raging pandemic has created challenges galore for businesses to operate.
The only sector that saw a contrarian position than the rest of the sectors during the pandemic is Information Technology. With people forced to stay cooped up in their homes, the working from home model became the new normal. Thanks to digitization, a large number of sectors could operate non-stop thereby helping the economy to somehow meander. The question hovering in the minds of policymakers and others is – how to kick-start the sputtering economy and create job growth? Let us discuss the same through the below-mentioned points:
Services sector to sustain job growth
The services sector has become the key driver of India’s economy contributing around 55.39% to the GDP. The sector has provided large-scale employment to the educated youth and covers a wide gamut of areas, namely, Information Technology, transport, hotel and restaurants, hospitality, insurance, trade, BFSI, and others. Since most sectors of the economy are looking at digitization for sustenance let alone compete, the role of IT is going to grow even further. If the pandemic situation is any indication then the IT sector has provided the main thrust to the economy.
Digital connectivity to transform the economy
The inexorable march of digitization continues unabated with large-scale investments in setting up fiber optic cable across the country. One of the flagship schemes of the government, digital India aims at expanding digital connectivity through broadband highways, eGovernance, universal access to mobile connectivity, and so on. The expansion is expected to boost the digital economy and create scores of jobs across sectors.
Rapid urbanization leading to the creation of infrastructure
According to the estimates of the World Bank, around 50% of India’s population is likely to migrate to the urban areas by 2041. To accommodate this huge influx of people, the infrastructure needs to be expanded with the creation of new satellite towns near major urban centers. The rapid urbanization and consequent creation of infrastructure are going to see more people getting employed in construction and other ancillary industries.
Digital industry to unlock value for India
The hyper-digitalization in 2021 is going to generate opportunities for many as enterprises are going to leverage technology to build a more resilient digital architecture. With the pandemic taking its toll on businesses, the brick-and-mortar economy is going to get digital and connect to their customers on-the-go and stay competitive. The wave of hyper-digitalization is going to see more of a Phygital (Physical and Digital) world where enterprises will go for disruptive technologies, break boundaries, and offer a connected customer experience. All these are going to create new employment opportunities in the field of mobile app development, web designing, digital marketing, AI and ML, data analytics, automation, robotics, and many more.
Conclusion
Digitizing the industry is going to unlock value and generate more employment opportunities. With more brick-and-mortar based enterprises establishing an online presence to reach out to their customers and deliver superior user experiences, more job roles are going to be created right from the management to the data entry level. To take advantage of such an evolving situation, people should go for skill development training and prepare themselves to meet the challenges of tomorrow.
