Nirmala Sitharaman Urges World Bank for Job-Centric Strategic Reforms

Finance Minister Nirmala Sitharaman emphasizes the urgency of job creation amid technological and economic shifts. At a World Bank meeting, she calls for a strategic overhaul to address global employment challenges, urging a multi-sectoral approach and enhanced skill development aligned with market demands.

During a recent address in the United States, Union Finance Minister Nirmala Sitharaman underscored the global urgency of job creation amid persistent economic challenges and rapid technological advancements reshaping the labor market. Speaking at the World Bank's plenary lunch, she called for immediate action and a comprehensive review of strategies to tackle these critical issues.

An official statement from her ministry reiterated that the Finance Minister emphasized the pressing global significance of job creation. Addressing the topic "How Should the World Bank Shape Its Future Strategic Direction and Help Clients Create More Jobs to Keep Pace with Evolving Megatrends," she detailed the need for skill adaptation given ongoing economic and technological changes impacting workforce requirements.

Sitharaman, on an official visit to the U.S. for significant international meetings, pointed out the need for a broader, multi-sectoral analysis due to employment shifts caused by AI and demographic changes. She argued for a deeper understanding of emerging trends to identify new opportunities and mitigate job losses, suggesting strategic updates based on geopolitical shifts affecting supply chains and critical sectors.

The Finance Minister advocated for exploring alternative growth strategies beyond traditional manufacturing, driven by technological changes reshaping job demand. Urging the World Bank to focus on high-priority sectors for skill development, she emphasized the necessity of knowledge-based approaches to enhance job opportunities and align skills with market needs.

Sitharaman stressed the need for an outcome-focused roadmap with a robust implementation strategy, ensuring the World Bank and its partners are equipped to respond to evolving global job market demands. She called for strengthened collaboration with countries to create sustainable employment strategies, emphasizing data-driven analysis to underpin these efforts.

(With inputs from agencies.)