21% of today's jobs cease to exist in five years, says FICCI-Nasscom & EY report

The Indian job landscape is in a transitionary phase, thanks to emerging technologies. A new report, however, states that by 2022, nine per cent of the country's 600 million estimated workforces will be deployed in new jobs that do not exist today.

According to the FICCI-Nasscom & EY report, there will be a job slowdown for the next two years as companies struggle to restructure their business models. The report that highlighted the impact of globalisation, demographics and exponential technologies on job landscape also said that by 2022, 37 per cent of the workforce will be in jobs that have radically changed skill sets.

"The adoption of exponential technologies is disrupting industries by creating new markets and India is on the cusp of this change," said Anurag Malik, Partner-People & Organisation, Advisory Services, EY. Malik further said rapid embracing of these exponential technologies by Indian companies has the potential to transform highly unorganised sectors such as transportation, maintenance, food catering, and software development services into organised ones.

According to the report, the organised manufacturing and services sector employment is expected to increase from the current 38 million to 46-48 million by 2022. All the new forms of employment are likely to add a further 20-25 percent to the organised sector by 2022.This will increase the share of the organised sector in the overall economy to 10 percent from 8 percent at present, around 60 million in a workforce of 600 million, it noted.