CURRENT AFFAIRS

Detailed explanation-1: -The study estimates that there will be as many as 2.1 million unfilled manufacturing jobs if current trends continue by 2030. According to the study, the potential economic cost of those missing jobs could hit up to $1 trillion in a single year.

Detailed explanation-2: -It is estimated that by the year 2025, 2 million to 3.5 million manufacturing positions will be unoccupied. Shifts such as these cause applicable skills to have a shorter life span and can make it extremely hard to identify and begin closing your company’s current and future skills gaps.

Detailed explanation-3: -There are more open job positions than there are workers ready to fill them. A 2021 study conducted by Deloitte and the Manufacturing Institute (MI) predicts that 2.1 million manufacturing positions will go unfulfilled by 2030. These empty positions could cost the U.S. a loss of about $1 trillion in GDP.

Detailed explanation-4: -Still, American manufacturing is facing a massive shortage of labor, especially among those workers with skills needed to power a new generation of manufacturing. This need to train a new group of skilled workers explains why federal funds in the CHIPS Act are set aside for workforce development.

Detailed explanation-5: -Number of employees in the manufacturing sector India FY 2017-2021. India has faced an employment crisis that predates the coronavirus pandemic and is reflected in the dramatically reduced employment figures of the manufacturing sector in fiscal year 2021, totaling 27.3 million employees.