Sunday, March 26, 2017
facebook

google plus
FLASH
  • 2 militants killed in gunfight in south Pulwama


By 2021, 4 out of 10 jobs would be lost to automation: ExpertsExperts said low skill and high transaction jobs will be affected as automation takes away their jobs.

By 2021, 4 out of 10 jobs would be lost to automation: Experts

26 Mar 2017 | 3:01 PM

NEW DELHI: Automation is the new norm across sectors and will affect the bottom of pyramid so much so that four out of every 10 jobs globally would be lost due to this by 2021, experts say. Automation is the new normal in sectors like engineering, manufacturing, automobiles, IT and banking. As automation adoption increases, all high transaction and labour intensive jobs will take a hit.

[ + read story ]

New Delhi, March 26

Automation is the new norm across sectors and will affect the bottom of pyramid so much so that four out of every 10 jobs globally would be lost due to this by 2021, experts say.

Automation is the new normal in sectors like engineering, manufacturing, automobiles, IT and banking. As automation adoption increases, all high transaction and labour intensive jobs will take a hit.

According to PeopleStrong CEO and Founder Pankaj Bansal, there will be a visible change in the next 3-4 years, first major effects will be seen in the sectors like manufacturing, IT and ITeS and security services and agriculture.

“We predict that by 2021, 4 out of every 10 jobs globally would be lost because of automation. And of these, one in every 4 will be from India. That sums up to 23 per cent of job loss in India,” Bansal said.

India produces 5.5 million jobs (across levels) every year, but this number falls short of jobs needed to employ available talent and automation is further increasing the gap.

“If five years ago, there were 1,500 jobs in the assembly line, it has been reduced to 500 jobs now as focus has moved away from skilling to automation,” said Francis Padamadan, Country Director KellyOCG India, a talent management solutions provider.

Experts said low skill and high transaction jobs will be affected as automation takes away their jobs. Hiring for short term projects, flexi hiring would be the way forward in these areas for roles that cannot be automated.

To cater to this fallout, government needs to focus on two key areas strengthening the mid-market segment and reskilling the workforce to take up new jobs which will emerge post automation, PeopleStrong’s Bansal said.

KellyOCG India’s Padamadan believes “automation will not take away all the jobs because you still need someone to build and monitor the robots. So, while jobs mostly at the bottom of pyramid will be affected, new jobs will get added”. — PTI

CBEC to be renamed CBIC under GST regime

CBEC to be renamed CBIC under GST regime

25 Mar 2017 | 2:14 PM

NEW DELHI: The apex policy making body for indirect taxes, the CBEC is being rechristened as the Central Board of Indirect Taxes & Customs (CBIC) in the run up to the Goods and Services Tax regime to be rolled out from July 1.

Note ban may have affected CAD: SBI Research

Note ban may have affected CAD: SBI Research

26 Mar 2017 | 2:51 PM

MUMBAI: SBI Research has attributed the lower outward remittances and massive jump in travel receipts, which bumped up the December quarter CAD, to the note ban impact that dominated the review period.

Competition panel slaps Rs 591-cr fine on Coal India

25 Mar 2017 | 2:25 AM

NEW DELHI: The Competition Commission of India (CCI) has issued an order against Coal India Limited (CIL) and its subsidiaries for abusing dominant position and imposed a penalty of Rs 591.01 crore upon CIL for the abusive conduct.

Taxman unearths undisclosed income worth Rs 45,622 crore

25 Mar 2017 | 12:58 AM

NEW DELHI:In the past three years, the Income Tax Department conducted searches on around 2,534 groups of persons which led to admission of undisclosed income of about Rs 45,622 crore apart from seizure of undisclosed assets, including cash and jewellery worth about Rs 3,625 crore.

Uber stalls India leasing scheme

25 Mar 2017 | 12:58 AM

NEW DELHI:Global ride-hailing firm Uber Technologies is rethinking its car leasing strategy in India, its second-biggest market, as drivers have returned dozens of leased cars early after the company cut incentives, people familiar with the matter said.

Ahead of merger, SBI issues advisory to customers of associate banks

25 Mar 2017 | 12:58 AM

CHANDIGARH:Even though the merger of SBI’s associate banks with the country’s largest bank is effective from April 1, it would require around two months’ time to integrate the systems completely.

Apple may have to wait for GST rollout: Sitharaman

Apple may have to wait for GST rollout: Sitharaman

24 Mar 2017 | 7:47 PM

MUMBAI: Commerce and Industry Minister Nirmala Sitharaman on Friday said Amercian phone-maker Apple’s demand for tax incentives to set up a manufacturing unit in the country will have be looked at after the Goods and Services Tax (GST) is rolled out.

CCI slaps Rs 591 crore penalty on Coal India

24 Mar 2017 | 7:13 PM

NEW DELHI: Competition Commission on Friday imposed a fine of Rs 591 crore on state-owned Coal India for having discriminatory conditions in fuel supply pacts.

Rupee recovers 5 paise against US dollar

24 Mar 2017 | 9:49 AM

MUMBAI: The rupee recovered 5 paise to trade at 65.47 against the US dollar in morning session today.

Uber reviews India leasing scheme as driver incomes drop

24 Mar 2017 | 9:34 AM

NEW DELHI: Global ride-hailing firm Uber Technologies is rethinking its car leasing strategy in India, its second-biggest market, as drivers have returned dozens of leased cars early after the company cut incentives, people familiar with the matter told Reuters.

Briefly

2.50 lakh units of Redmi 4A sold in 4 minutes

24 Mar 2017 | 12:40 AM

Chennai: Chinese handset vendor Xiaomi on Thursday announced the sale of 2.50 lakh plus units of its latest model 'Redmi 4A' in just four minutes through e-commerce giant, Amazon.

Amazon, Grofers to invest $695m

Amazon, Grofers to invest $695m

24 Mar 2017 | 12:40 AM

NEW DELHI: The US-based retail giant Amazon has proposed to invest about $500 million for e-retail of food products in India, Food Processing Minister Harsimrat Kaur Badal said today.

SBI chairperson on Fortune list

24 Mar 2017 | 12:40 AM

New York: SBI chief Arundhati Bhattacharya and Indian-origin physician Raj Panjabi have been named by Fortune magazine among the world's 50 greatest leaders who are transforming the world and inspiring others to do the same.

Airtel acquires Tikona’s 4G business for ~1,600 crore

24 Mar 2017 | 12:40 AM

NEW DELHI: Bharti Airtel on Thursday announced it has entered into an agreement with Tikona Digital Networks to acquire the latter’s 4G business, including the Broadband Wireless Access (BWA) spectrum and 350 sites, in five telecom circles for around Rs 1,600 crore, a company statement said.

SC-appointed panel seeks ban on BS-III vehicles

24 Mar 2017 | 12:40 AM

NEW DELHI: Seeking a ban on registration of Bharat Stage-III emission variant vehicles, a Supreme Court-appointed panel has requested the top court to stop sale of such vehicles with outdated technology from April 1, 2017.

I-T Dept resolves 95% complaints received on portal

24 Mar 2017 | 12:40 AM

CHANDIGARH: The Income Tax Department has addressed 94.5% of the taxpayers’ grievances received on Centralised Public Grievance Redress and Monitoring System (CPGRAMS) till January 31.

Passing GST Bills in current Parliament session vital: FM

24 Mar 2017 | 12:40 AM

NEW DELHI: Finance Minister Arun Jaitley has stressed the importance of passing the GST laws during the current session of Parliament, saying the Centre and the states would otherwise lose their right to collect indirect taxes after September 15.

MPs’ panel to summon RBI Governor again on April 20

24 Mar 2017 | 12:40 AM

NEW DELHI: A Parliamentary panel has decided to summon RBI Governor Urjit Patel again to explain how much of the junked currency has been deposited in banks post note ban and the progress made in remonetisation.

LIFE+STYLE
  • Paresh excellence

    Paresh excellence

    AN ACTOR:He is the quintessential funny man of many a Hindi comedy film, whose impeccable comic timing neither fails him ever nor can ever be faulted.

  • SpectrumSingle child, multiple issues

    Single child, multiple issues

    A game of street cricket breaks out into a fight; something every kid in the game knew was bound to happen sooner or later for they were playing with Rahul. The kids refuse every time he wants to play with them.

  • Panjab University: Journey and evolution

    The University of Punjab at Lahore was set up on October 14, 1882. It was the fourth university of India although it was the first university that expanded its scope from being an examining university to teaching and examining both.

more Spectrum...

YOUR WORLD AND YOU

  • Jobs and creerTime to pocket that internship

    Time to pocket that internship

    Getting placed in a good company for internship goes a long way in building your career, it gives you a head start. Here are few questions that will help you in clearing the HR interview round for securing a dream internship role.

  • more Jobs Careers...