Reading Time: 7 mins Since 2018, India’s working-age population has grown larger than the dependent population consisting of children and senior citizens. This youth bulge is going to last for 37 years. However, the current economic slowdown has led to layoffs, growth decline in various sectors and joblessness. Necessary steps like policy support and reforms must be taken to make full utilisation of India’s demographic dividend to promote the growth and development of the economy.
Reading Time: 8 mins Skills and knowledge drive economic growth and social development of a country. Nations with higher levels and better standards of skilled workforce can deal with challenges and opportunities in the domestic and global market. India is one of the fastest-growing economies in the world. It is currently celebrating demographic dividend with two-third of 1.3 billion people under the age of 30 years. However, a big challenge lies ahead as estimates show that India has a very few skilled labour force. According to Organisation of Economic Cooperation and Development (OECD), over 30% of the youth aged between 15 to 29 years are ‘not in employment’ which refers to those who are not searching for jobs either due to unavailability or there are no jobs that match their skills. Despite the government’s initiatives to promote jobs, unemployment is turning out to be a new norm. This is because India is facing challenges at many levels. Skill India, that seeks to improve the skills of the Indians, is showing very limited results. This is because of the limitations that exist within the various government initiatives. It is necessary to address these issues so that India can become a $5 trillion economy.
Reading Time: 6 mins
Mahatma Gandhi National Rural Employment Guarantee Act is a labour law that provides “Right to Work” to the rural population. It not only provides work but also has the potential to improve the infrastructure of rural India and standard of living of the rural population. However, in recent times, this Act is facing numerous issues at the ground-level. This is also contributing to India’s current economic slowdown and unemployment crisis. Therefore, the government must take measures to promote this scheme for the overall economic development of the nation.
Reading Time: 7 mins
According to the Periodic Labour Force Survey (PLFS) by National Sample Survey Office, the overall unemployment rate in the country in FY18 was at 6.1%.
However, the current survey, according to the government, is conducted in different method compared to the previous surveys.
But unemployment remains a problem, and the Government must take initiatives to make full use of the younger population to boost the growth and development of the economy.
Reading Time: 5 mins
Sikkim is set to become the first state in India to launch Universal Basic Income (UBI). The idea of universal basic income has gained popularity in the western nations due to the threat of automation-induced job losses. In India, the idea gained ground due to the chronic poverty & inequality and the government’s failure to provide subsidies effectively to poor people. Moreover, the persistent farm distress and poor wage growth across occupations also highlight the need for an income support scheme in India.