India faces significant challenges in addressing employment, particularly among its youth and agricultural sectors.
EMPLOYMENT ISSUES:
Current Scenario:
• Youth unemployment remains alarmingly high, with a rate of 17% in the first quarter of 2024. • The unemployment rate for young women is even higher at 22.7%. • These figures highlight a significant waste of the country’s labor force and a bleak outlook for realizing the demographic dividend.
Informal Economy:
• Over 90% of the workforce is in the informal sector, lacking job security and social benefits. • A comprehensive approach is needed to integrate informal workers into the formal economy and provide them with social security.
POLICY RECOMMENDATIONS:
National Employment Policy:
• Adopting a National Employment Policy could provide a structured approach to tackling unemployment. • Direct interventions are needed to increase job opportunities, especially for the youth.
Private Sector Incentives:
• Recalibrating incentives for the private sector, linking them to job creation, can help stimulate employment. • Fiscal and other incentives should be aligned with the goal of creating sustainable jobs.
Agriculture Sector:
• Agriculture remains a vital part of the Indian economy, with 47% of the population depending on it for livelihood. • A National Agricultural Policy is needed to ensure comprehensive support for farmers and address the structural issues in the sector. • Engaging all stakeholders, including farmers’ organizations and state governments, is crucial for effective policy formulation.
Youth Engagement:
• Engaging the young population in productive work can trigger a strong development cycle. • Policies should focus on creating conditions of freedom, equity, security, and dignity for all workers, as emphasized by the International Labour Organization.
India’s employment challenge requires a multifaceted approach, addressing both the immediate needs of the workforce and the structural issues that hinder sustainable job creation.
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