According to the report ‘Upskilling for Shared Prosperity’ – January 2021 released by World Economic Forum (WEF) in collaboration with PricewaterhouseCoopers (PwC), Investments in Upskilling can boost the Global Gross Domestic Product (GDP) by USD 6.5 Trillion by 2030 also adding that it has the potential to boost India’s GDP by USD 570 Billion (INR 40 Lakh Crore) by 2030.
- Upskilling has the potential to create 5.3 Million new jobs by 2030 and will help in a more inclusive and sustainable global economy.
- The report was released during WEF’s The Davos Agenda 2021.
- With proper upskilling & reskilling initiatives, India has the capacity for GDP gains equivalent to 6.8% of total GDP.
- Reskilling & Upskilling will help people to get equipped with experience and skills needed for jobs created by the Fourth Industrial Revolution, they will boost Global productivity by 3% on average by 2030.
- The report states that there is a disconnect between the current education programme & skill that employers are looking for hiring.
- Upskilling i.e Learning new skills will be the key to recover from COVID-19.
- The report states that India has the 2nd Highest additional employment potential at 23 Lakhs, after the USA which has the potential to generate 27 lakh jobs.
- 38% of additional GDP is set to be created in the business services & manufacturing sectors.
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About World Economic Forum (WEF):
Founder and Executive Chairman – Klaus Schwab
Headquarters – Cologny, Switzerland