3 percent of employees in India fear unemployment due to automation

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New delhi date. 14 February 2020, Friday

Automation can make up to 5% of unemployed employees in India, an official at the International Monetary Fund (IMF) said. Except for the current recession, India's economic growth rate remains at 5 to 6 per cent, which will help accommodate the unemployed, said David Lipton, director of the IMF.

Speaking at a program, he said, India's trade houses are much more efficient than other countries like ourselves. Due to automation, 5 percent of the workforce globally or 8 million workers may lose jobs globally.

Low-paying and labor-intensive industries are at risk. While India has announced a hike in import duty on many products in the budget of fiscal year 0-7, increasing tariffs create competition in India. Such competition may be risky in the short run but over time companies gain more strength.

He gave the example of cricket for this. Due to the competition, India's cricket has become strong today.

India continues to look at the benefits compared to other countries. Increasing tariffs on raw materials hinders the growth of the manufacturing sector, he said.


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