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Indian Express
7 days ago
- Business
- Indian Express
Youth face long-term employment challenges from AI's rise
The advent of artificial intelligence has created valid concerns about loss of jobs despite the numerous opportunities that can emerge in certain segments. And while some risks have already materialised even in India – fintech firm PhonePe, for instance, cut its customer service team by 60% in the five years ended 2023-24 due to increased use of AI-driven chatbots – the situation is particularly perilous for the youth. According to US-based venture capital firm SignalFire's State of Tech Talent Report 2025, released on May 20, hiring of fresh graduates by large technology firms in 2024 was down more than 50 per cent compared to 2019, while the decline was more than 30 per cent for start-ups. 'As budgets tighten and AI capabilities increase, companies are reducing their investment in new grad opportunities,' SignalFire said. Youth unemployment For Indian youth, circumstances are already difficult. According to the statistics ministry's inaugural monthly Periodic Labour Force Survey released earlier this month, the unemployment rate for Indians in the 15-29 years age bracket was as high as 13.8 per cent in April 2025, more than twice the all-India unemployment rate of 5.1 per cent, based on the current weekly status approach which measures unemployment by considering those persons who were available for work for at least one hour on any day in the seven days preceding the survey Longer-term trends don't paint an encouraging picture either. According to a Centre for Social and Economic Progress paper 'India at Work: Employment Trends in the 21st Century' released last week, an analysis of data going back to 1983 shows that while the number of employed persons in the 15-24 age category increased to 6.20 crore in 2023-24 from 5.24 crore in 2017-18, 'over a longer period, there has been a decline or stagnation'. Learning opportunities To be sure, stagnant youth employment is a reflection of the paucity of jobs. But to prepare for a future which may present more opportunities, the key may be to seemingly get with the programme and 'become a sort of ninja using the latest (AI) tools,' Demis Hassabis, co-founder of Google DeepMind, said on The New York Times' Hard Fork podcast last week. The problem for young Indians, however, might be a deeper one. As per the Indian statistics ministry's latest Time Use Survey, those in the 15-29 age group who were involved in learning spent 422 minutes per day on 'learning activities' in 2024, down 8 minutes per day from 2019. Meanwhile, though most young Indians are fairly familiar when it comes to smartphones and the internet, their proficiency with basic tasks is not encouraging. According to the statistics ministry's Comprehensive Annual Modular Survey for 2022-23 (July-June), while 84.2 per cent of persons from across India in the 15-29 age bucket were able to use the internet, just 28.5 per cent could search for information, send or receive e-mails, and perform online banking transactions. Even if only those living in urban areas are considered, the proportion remains below half at 42.6 per cent. Closing doors While the use of AI in high volume and repetitive tasks – such as chat automation and digital marketing – frees up humans for more strategic and creative activities, it also somewhat shuts the door for fresh graduates who start at the bottom and move up the ladder. The youth are already feeling the heat, with Gen Z workers in the US significantly more pessimistic than other generations, as per LinkedIn Market Research. In April 2025, their job confidence score – measured on a scale from -100 to +100 – fell 7 points year-on-year to +24. In comparison, baby boomers had a score of +44, with millennials at +40.
Epoch Times
12-05-2025
- Business
- Epoch Times
India, Australia Strengthen Critical Minerals Partnership to Tackle Global Supply Chain Risks
India and Australia are expanding their partnership in critical minerals as part of a strategic response to mounting global supply chain challenges and the shift toward clean energy. With rising geopolitical tensions and unilateral trade barriers, both countries are deepening cooperation to secure access to essential raw materials vital for the production of renewable energy technologies. 'As the world navigates an increasingly fragmented trade landscape marked by unilateral tariff impositions and shifting geopolitical alliances, the case for international cooperation has never been stronger,' said Anindita Sinh, research analyst at the Centre for Social and Economic Progress (CSEP) and lead author of the report that underpins this analysis. 'The strategic alignment between India and Australia in the critical minerals space not only addresses immediate supply chain vulnerabilities but also sets the stage for long-term economic resilience and technological innovation.' In 2023–24, India's imports from Australia included $11.02 billion (US$7.11 billion) worth of mineral fuels, oils, and related products—underscoring the central role of minerals in bilateral trade. Australia's status as a top global supplier complements India's rising demand for critical minerals to fuel its clean energy transition and industrial expansion. Related Stories 4/30/2025 5/1/2025 Geopolitical developments have made this collaboration more beneficial. The United States, for example, has imposed a 27 percent tariff on Indian exports such as smartphones and solar photovoltaic modules. However, critical minerals remain exempt, highlighting their strategic importance. India and Australia are using this momentum to bolster supply chain security and reduce dependence on dominant suppliers like China. India has rolled out key policy initiatives, including the National Critical Minerals Mission (NCMM), Production-Linked Incentive (PLI) schemes, and auctions for strategic mineral blocks. Australia, with its advanced mining infrastructure and rich reserves, is well-positioned to support India's resource needs. 'India's partnership with Australia in this sector is the most advanced and well-established,' Sinh said. 'With tangible developments such as off-take agreements from Australian lithium mines and joint research hubs like the India-Australia Critical Minerals Research Hub, the partnership is at a defining moment—poised to contribute significantly to global supply chain resilience and clean energy ambitions.' Beyond trade, the two countries are collaborating through joint research initiatives, technology transfer, and academic partnerships, such as the Titanium-Vanadium Processing Project. These ventures aim to foster innovation and ensure sustainable resource development. Key Areas to Boost Cooperation According to the CSEP report, several key areas must be prioritised to strengthen this cooperation further. First, India's NCMM should be more closely aligned with Australia's export strategy to ensure long-term supply security. This would support India's net-zero goals and industrial decarbonisation by matching its manufacturing and clean energy ambitions with Australia's abundant mineral resources. Expanding co-investment in mining and processing is also crucial. Encouraging Australian firms to partner with Indian stakeholders in mining and refining projects—particularly under India's PLI schemes and strategic mineral auctions—could mobilise both public and private investment. Australia's mature mining sector offers an advantage that can be further leveraged with appropriate incentives. Enhancing technology transfer was further identified as necessary for long-term innovation. Promoting joint development of battery-grade materials and value-added products through collaborations between research institutions and industry actors in both countries would accelerate capacity-building. The Critical Minerals Research Hub can play a central role in this, while intellectual property concerns may be addressed through mechanisms like the 2020 MoU between India and Australia. Finally, academic and industry collaboration should be deepened. Expanding research partnerships and training programs would help develop a skilled workforce in mineral processing and foster innovation in sustainable mining technologies. Universities and industry stakeholders can play a larger role by focusing research on forward-looking technologies. Structures such as the India-Australia Critical Minerals Research Partnership, which supports joint R&D projects, provide a useful model. By focusing on these strategic areas, India and Australia have the opportunity to reinforce their positions within the evolving global critical minerals supply chain—an area increasingly tied to national security and economic competitiveness.
India Today
29-04-2025
- Business
- India Today
Can India's renewable energy targets meet the growing demand?
India has set ambitious goals to expand its renewable energy (RE) capacity, aiming for 500 gigawatts (GW) of installed electricity generation from non-fossil sources by 2030. This would require more than doubling the non-fossil capacity installed as of late 2024, with most of this growth expected to come from solar and wind the forefront of developing renewable energy infrastructure, India has set the target of generating 50 per cent of its energy needs through the renewable route by 2030 and net-zero emission target by 2070. However, several studies have estimated that the incumbent plans may not be enough to meet the country's growing demand for power, indicating continuing reliance on fossil Renewables Target Falls Short of Growing Demand', a study released this month by the New Delhi-based Centre for Social and Economic Progress, indicates that even with the planned increases in renewable energy capacity, India's 2030 targets are likely to fall short of meeting the country's projected electricity demand growth by approximately 11.8 per cent in the study, authored by Rohit Vijay and Rahul Tongia, highlights factors that influence the balance between India's growing electricity demand and its renewable energy capacity. The first is underestimation of demand growth. 'The Electric Power Survey by the Central Electricity Authority (CEA) may have underestimated India's actual electricity demand growth. Realistic growth rates, based on actual 2023 demand, indicate that even more renewable energy capacity will be needed to meet the rising demand,' says the working Next, the study points out that the solar-heavy mix of India's renewable energy strategy is not ideal. 'While solar energy has become more cost-effective, it also has limitations, such as availability only during daylight hours. This increases the value of wind energy, which can provide power at different times of the day and has a higher Capacity Utilisation Factor (CUF) in some regions. The intermittent nature of solar and wind energy leads to periods of both oversupply and under-supply, making it crucial to analyse the time-of-day patterns of both supply and demand. Yet again, this underscores the need for a reliable back-up mechanism, with coal remaining the backstop for India even after accounting for modest growth in nuclear power and hydropower,' states the and renewable energy are interlinked. A higher CUF means more energy is generated from the same installed capacity, reducing the overall renewable energy capacity required. India needs to focus on technologies and practices that enhance CUF, such as higher hub heights for wind turbines and optimal solar tracking, the study energy storage can play a crucial role in balancing the variability of renewable energy by shifting surplus energy to deficit periods. However, the study points out that storage has limitations, including efficiency losses and seasonal mismatches between surplus and deficit 2024 study by TERI (The Energy and Resources Institute), 'India's Electricity Transition Pathways to 2050', also expresses concerns about meeting the country's actual demands. The report emphasises on the need for a detailed techno-economic assessment of India's renewable energy resource potential, indicating that the current understanding may be inadequate or that the economic viability of harnessing it at a very large scale needs further to India Today Magazine
Time of India
22-04-2025
- Business
- Time of India
India needs 7.3% annual growth to be a developed country by 2047: CSEP
India will require an average annual growth rate of 7.3% between 2024 and 2047 to realise the goal of emerging as a developed nation by the centenary of its independence, according to a paper by the Centre for Social and Economic Progress (CSEP). This requires states to be the dominant partners in reforms now, unlike in recent decades when the country's growth story was shaped mainly by the central government initiatives, it reckons. 'This is because the next-generation of reforms must focus on factor markets such as land, labour, and capital, coupled with human capital like education and health, where States have a crucial role,' economists Shishir Gupta and Rishita Sachdeva have contended in the paper. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Indian average per capita growth was 4.9% between 1994 and 2020, the paper said, indicating the enormity of the task at hand. Of the nine identified growth attributes, six are in the state domain (crime, fiscal deficit, healthcare, transmission and distribution losses, labour reforms, and land policies), the paper says, highlighting their pivotal role in boosting national growth. Live Events The four crucial reforms driven by the Union government since the 1990s were de-licensing, opening up the economy to the world, de-reservation, and devaluation. These helped the per capita GDP growth to rise from an average of 3.1% between 1981 and 1994 to 4.9% in the next two-and-a-half decades. India is estimated to have recorded a growth rate of 6.5% in FY25. The Economic Survey has projected growth to be in the 6.3-6.8% range in the next fiscal. No uniform strategy Given the heterogeneity among states, in terms of their per capita income, growth attributes and other aspects, a 'one-size-fits-all strategy' for them would be imprudent, the paper argues. The paper focusses on states' performance on two critical aspects—their growth attributes and key economic centres (KECs). It says Gujarat, Karnataka, Himachal Pradesh, Uttarakhand, and the combined Andhra Pradesh are strong on both the axes and need to work towards removing all potential obstacles to their key economic centres to become even more globally competitive, akin to Shanghai and Beijing. Maharashtra, Tamil Nadu, and Punjab need to step up focus on further bolstering their KECs, which are growing at a slower pace than the double-digit expansion in Uttarakhand and Gujarat, it says. Rajasthan, Bihar, Jharkhand, and Jammu & Kashmir could focus on improving their overall growth attributes. While Haryana and Uttar Pradesh are witnessing 'spill-over gains' from their proximity with Delhi, they would be better off improving their growth attributes, the paper suggests.
