Jobs are most pressing global issue: FM Sitharaman in US

NEW DELHI: Jobs are the most pressing global issue due to economic headwinds and rapid technological change that is redefining skills the youth need for the job market, Finance Minister Nirmala Sitharaman has said.

She said this in Washington, D.C., during a discussion on how the World Bank can help create more jobs. She urged the international financial institution to collaborate with countries in identifying high-priority skilling sectors based on data, analysis and knowledge work.

Sitharaman’s remarks came during her intervention at the plenary lunch, where she spoke 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 called for exploring alternative growth strategies that will generate jobs, in addition to the traditional manufacturing-led development pathway.

The need is for a more comprehensive, multi-sectoral analysis – one that examines how emerging trends interact and influence both job loss and creation. “This analysis should also consider factors like geopolitical fragmentation and its effects on sectors such as food production, exports, and related employment,” she said.

The Finance Minister underscored the importance of an outcome-oriented roadmap with a clear implementation strategy to effectively put these plans into action.

Sitharaman sought a balance between developmental priorities and climate action, with a view to channelling global effort by providing greater access to financial resources and technologies for developing countries at a reasonable cost. She spoke at the G20 Joint Meeting of Finance, Climate & Environment, and Foreign Affairs Ministers and Governors of Central Banks in Washington.

She advocated formulating a New Collective Quantified Goal that would cater to developing countries without subjecting them to growth-inhibiting financial terms.

Sitharaman emphasised the need for an effective global response and collaboration on climate change between developed and developing countries, in line with the United Nations Framework Convention on Climate Change and the Paris Agreement, adhering to the principles of equity and common but differentiated responsibilities and respective capacities.

She is in Washington to attend the annual meetings of the International Monetary Fund and the World Bank.