Shiv Vikram Khemka is Vice-Chairman of SUN Group and Executive Chairman, The Global Education & Leadership Foundation in India. He spoke about the New Era of Online Engagement: Evolving Economic Development and Private Sector. Mr. Khemka said that the private sector is going through unprecedented times with the issue of jobs. It is a new era of online engagement with considerable risks and some opportunities. Most people are working remotely over 50 percent of those in the working population. Some recent surveys showed that 70 percent of people are actually not complaining and believe their efficiency may be going up whereas 30 percent are unhappy. Many jobs have been lost and many more jobs could be lost depending on how long this recession goes on.
Mental health and interpersonal relationships have excessive burden on women in terms of dealing with the work from home. In terms of education, more than 1.2 billion young people are out of school where students are accessing e-learning. The reality is that only 59 % of the world’s population has access to internet whereas 41 % still doesn’t have access to the Internet. So, there’s a huge digital inequality that could have significant repercussions over the next few years.
Creating enough jobs is another challenge that pose multiple effects in society and impact on the economy by slowing down economies. People are either losing their jobs or have little job stability whereas the loss of entry of jobs is also being exacerbated by technology. Technology is also coming in at the same time digitalization artificial intelligence and many other things which will create many jobs but are also destroying many jobs at the same time. It’s going to be a big challenge for the people and lose their jobs to learn and adapt and reskill for the new economy. Read more…
All governments are pumping significant capital into the economy to support the growth of economies and fund public construction projects. The Covid-19 pandemic caused an estimate of about half a billion jobs lost worldwide. Considering the need for another billion jobs, we need 1.5 billion new jobs in the future. There’s a real gap there and one of the only ways to deal with that gap is actually to encourage a new entrepreneurial mindset globally.
Partnership is important that we all work together to create jobs; entrepreneurs can create jobs at twice the rate of corporations, small and medium sized enterprises can employ the vast majority of people, and over 90 percent of the people are employed by small entrepreneurs. Encouraging global entrepreneurship by government support is not enough by itself, we need to educate young people to think with a new mindset for entrepreneurship.