Finance Minister Nirmala Sitharaman has called jobs the most pressing global issue. She has also urged the World Bank to collaborate with countries to identify high-priority skilling sectors that generate employment.

She was making intervention at the plenary lunch during the annual meeting of the International Monetary Fund and World Bank while speaking on 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 emphasised that jobs are the most pressing global issue, given the continued economic headwinds and rapid technological change that are redefining the skills required for youth to enter the job market,” a social media post of Finance Ministry quoting Sitharaman said.

The Union Finance Minister noted that the World Bank has previously conducted several studies on sectoral trends and their potential impact on employment, covering areas like ‘green jobs,’ jobs after AI (Artificial Intelligence), and shifts due to changing demographics. However, “she stressed that the need of the hour is a more comprehensive, multi-sectoral analysis—one that examines how emerging trends interact and influence both job loss and job creation,” the post said.

This analysis should also consider factors like geopolitical fragmentation and its effects on sectors such as food production, exports, and related employment, she added. Further she underscored the importance of an outcome-oriented roadmap with a clear implementation strategy to effectively put these plans into action. In addition to the traditional manufacturing-led development pathway, she highlighted the need to explore alternative growth strategies and the types of jobs they will generate.

“The Union Finance Minister urged the World Bank to collaborate with countries in identifying high-priority skilling sectors based on data, analysis, and knowledge work, with a focus on generating employment, skill matching, and labour retention,” the post said. Further, she underscored the importance of an outcome-oriented roadmap with a clear implementation strategy to effectively implement these plans.

G 20 meeting

Meanwhile, the Minister participated in the G20 Joint Meeting of Finance, Climate & Environment, and Foreign Affairs Ministers and Governors of Central Banks. Congratulating Brazil for focusing on enhancing collaborative efforts to achieve ambitious climate action, she said India supports the work of the Taskforce that has taken forward the work of the G20 Presidency on climate action and making the Multilateral Development Banks (MDBs) better, bigger, and more effective.

She called for effective global response and collaboration on climate change between developed and developing countries on the UNFCCC and the Paris Agreement, adhering to the principles of equity and common but differentiated responsibilities and respective capacities. She sought a balance between developmental priorities and climate change vis-a-vis channelling a global effort by providing greater access to financial resources and technologies for developing countries at a reasonable cost.

The Union Finance Minister espoused the need to formulate the New Collective Quantified Goal, which would cater to the needs of developing countries without subjecting them to growth-inhibiting conditionalities in the provision of finance.

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