Finance Minister Nirmala Sitharaman Advocates for Labor Skills and Green Manufacturing Balance

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Finance Minister Nirmala Sitharaman addressed the 56th Annual Meeting of the Asian Development Bank, emphasizing the importance of balancing green priorities and manufacturing efficiencies with labor skills. The minister acknowledged the fear of technology taking over human jobs and suggested designing layers of the economy that are labor-intensive while providing laborers with the necessary skills to match them.

The Asian Development Bank has pledged $100 billion from 2019-2030 to deliver climate financing to its developing member countries. Sitharaman highlighted the four ‘I’s essential for long-term sustainable growth, namely Infrastructure, Investment, Innovation, and Inclusivity. She suggested that governments, together with industry, bring in the skillsets required for a technology-driven society. The minister also discussed the need for greater digital integration of economies and the democratisation of entrepreneurial skills.

Sitharaman addressed the WTO, stating that the voice of the south and emerging markets is not heard at par with that of developed countries. She suggested discussing how to tackle food and fertilizer insecurity at the WTO and the need for open-mindedness regarding the context of Covid and the Russia-Ukraine war.

Re-reported from the story originally published in BQ PRIME