The GDP growth rate of India has been sluggish and whatever growth being generated has been largely a jobless one. Moreover, the slow-moving job creation has been a trajectory featured across the world, especially among the developing economies. This trend has been particularly hard on the young people with six out of 10 workers aged 15-29 lacked stable employment and earned below-average wages, according to the International Labour Organization. The employment seen among the global youth has reached 13.1 percent, which three times that of adults.
To tackle this problem, there are five basic strategies that could be pursued globally:
- Boosting job creation and labor demand
- Better preparing young people for the job market
- Illuminating pathways to productive work
- Improving financial well-being, both current and long-term
- Fostering entrepreneurship
NREGA was envisioned in creating jobs while working on programs pertaining to the infrastructure development of India. However, this program has lost out of steam under the current regime. The reason for the same can smell dirty. Since this was the flagship program of the Manmohan Singh government, the continuance and success of it will only add to the previous government’s credit, which is detrimental to the NDA government’s interest.
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However, the incumbent did not take initiative on its own as well to create jobs for the uneducated or semi-educated youths. On the social sector, there is no clear policy on education for all and this critical social sector is highly neglected.
On the healthcare sector, too, the government failed to focus on its expansion and deeper penetration. Narendra Modi and Arun Jaitley failed to realize the importance these two sectors and also the fact these sectors too can generate employment.
Their only focus in on business and it must be admitted that they have failed on this front as well. India should focus on building infrastructure, both economic and social infrastructure, which can have both short term and long term benefits. In short term, it will create direct and indirect employment and in long term, the business such as FDI will start to pour in much like what is happening in China. The foreign investments will keep on dwindling like it is currently happening if the infrastructure of India is poor. It has to be admitted that India’s infrastructure is still not up to the desired level benchmarking against the other emerging economies.
India has a huge pool of employable labor, but if the employment could not be offered to them, it will be a wasted pool of youths and a lost opportunity. While, China’s growth can be curtailed because of the dearth employable youths, India, on the other hand, can fall behind because of lack of employment.