India celebrated 30 years of liberalization recently. A move that made India truly a Global Economy. Indian emerging economy was competing against China’s and American economy. Indian generation was called the liberalized generation.
Numerous jobs filled in various fields – It was a massive boom of opportunities. New businesses and industries were set up in those 30 years.
But what’s next?
India has prospered since independence. But how long will it continue? In 2020 and 2021: Fall of GDP, rise in unemployment rate and per capita income of Bangladesh outpacing India’s. India could not replace China at manufacturing.
The Middle Class is shrinking in size. Poverty doubled as a result. This article is dedicated to You, the Youth of India. So, pay attention… We, like Fakir, will survive anyway.
Not all will admit to economic crisis… There are plenty of RSS type people, believe it or not. Truth is, few sectors are booming whereas others not so much… In fact, in July alone, 32 lakh salaried people lost jobs.
Former Prime Minister Manmohan Singh warned: The road ahead is more daunting, he said. That means, India’s aspiring middle class is in limbo due to economic slowdown.
Finding a job has never been easy but it’s getting worse. As per CMIE data, unemployment was 40% amidst the pandemic and 25% in February, 2021. That is, 1 in every 4 Youth is jobless. Thus, the future of Youth is in danger.
Pandemic is not the lone cause of joblessness… It has been a persisting trend. Why is that though? Is Nehru to blame, again?
Challenges Related To Unemployment In India
Investment to GDP ratio is decreasing. Simply speaking, investments have plunged to 16 year low. Result: No new job opportunities.
Decisions made in haste, such as Demonetization, GST and unplanned lockdown. So, hurried implementation is one of the reasons.
Retrospective taxes by the previous government which made MNCs think twice before investing. Now, 7 years later, the current government has scrapped retrospective tax law.
Indians celebrate Women’s Day but their participation in the job market has been declining year by year, as evident from the official data. One reason is less jobs and the other is patriarchy.
Indian youth are trained to work for MNCs but the MNCs are going Laos, Philippines, Vietnam and Indonesia way. Here, companies are laying off employees or giving reduced salaries. One reason is Automation… Machines snatching jobs away.
The coming generation is more at risk, therefore. Indian annual requirement is 1 crore jobs but how will the circle of economy spin without jobs?
Now you will demand solution to the 5 mentioned problems.
Let’s look over the solutions for India
There are four possible solutions for facing the challenges. Let’s look over it.
1: Aware and alert citizenry.
Jobs, economy and especially common sense are in danger. A wise man once said on WhatsApp: Solution will come running to you if you admit the problem being there. Aka Self-realization.
The harsh reality is Make in India did not pan out as well as hoped. Indian System now needs to focus on those sectors in which we excel… Like Pharma.
Taiwan, for example, is a world leader in semiconductors. Bangladesh is a textile success story. Similarly, India can become global leader in various fields…
2: Rid India of inequalities.
Because inequalities might win politicians elections but they cripple the society. India can become 5 trillion USD economy only without social tension.
3: Female Labor Participation
India have lost between 1.4 trillion and 2.8 trillion USD due to lower female participation. India could surpass France’s GDP had the Women been encouraged to participate in the workforce.
4: Taking Advantage Of Demographic Dividends
In 2018, working population exceeded dependent population. This will remain so for the next 30-35 years.
Japan and South Korea took advantage of their demographic dividends and surged ahead. Today, both countries are well known for advances they make in technology.
Here, some experts – not the ones sitting in newsrooms. Some well-read experts claim that India’s demographic dividend may turn into a nightmare. Time is running out as Indians busy themselves with Jumla.
Here, working population has increased in the last 5 years whereas labor force has decreased in size. CMIE data shows jobs lessening as a result of unsuccessful Make in India and then Pandemic…
Without job opportunities, the economic wheel cannot roll forward.