Tackling Job Issues in India (GS Paper 2, Society)
Introduction:
- While experts delve into post-election analysis, critical issues like economic distress and unemployment persist in India.
- The country's youth, in particular, prioritize job creation over religious infrastructure development, reflecting the urgency of addressing the job crisis.
Extent of Job Crisis:
- Long-standing Issue: Job scarcity has plagued India for over a decade, evident from the low workforce participation rate of 49%.
- Youth Unemployment: The most affected demographic is India's youth, with around 80% of unemployed individuals aged below 30 years.
- Education Disparity: Shockingly, educated youth face higher unemployment rates, with college graduates nine times more likely to be jobless than their illiterate counterparts, as per an ILO report.
Challenges Across Socioeconomic Strata:
- Impacting All Levels: The job crisis doesn't discriminate, affecting not only lower-middle-class youth but also graduates from prestigious institutions like IITs and IIMs.
- Elitist Economy: The concentration of opportunities in the hands of a few big companies perpetuates the lack of quality jobs, sidelining medium and small enterprises.
Reorienting Economic Priorities:
- Broad-based Well-being: Instead of solely fixating on GDP competition with nations like the US and China, India must prioritize holistic well-being indicators.
- Supporting SMEs: Medium and small enterprises, often overshadowed by unicorn companies in the discourse, require greater attention and support to foster entrepreneurship and job creation.
Conclusion:
- Addressing the elitist nature of India's economy and tackling the job crisis requires a concerted effort.
- Prioritizing diverse economic indicators and supporting SMEs can pave the way for a more inclusive and job-rich economy, catering to the aspirations of India's youth.
