Now that hopes are revived with Mr. Modi's Government taking charge at the centre, it's time to think what will catapult India from the league of emerging nations to a truly developed economy. Some of us might be thinking - more infrastructure investment, inflow of foreign money, doing away with the trade barriers etc to achieve this. However, one must note, that these are the outcome of economic growth. Not something that one can directly control or influence.
The thought process for a country to grow should focus on ways that can make its individuals' lives better. And as a report by UN agency - International Labor Organization (ILO) points out, creating 'quality jobs' could be the fastest way to achieve this. And this is not just a theory or an idea. It has been seen that states that could ensure quality jobs and social benefits for their people have grown faster by 1% every year.
We could not agree more with that view. Such an approach could be especially effective for India. This is because of the huge demographic dividend that we have. But where do we really stand when it comes to providing employment opportunities that come along with regular earnings, social security, and decent living standards?
It's a question that will make many of us uncomfortable. India has not been able to capitalize on youth's potential. Poor education system, archaic labour laws and corruption continue to plague the Indian economy and the job scenario. There is a huge mismatch between the existing talent and required skill sets. The share of contract labour is rising. The instances of strikes, labour unrest, labour migration have become quite common and has impacted the economy in innumerable ways.
For an economy like India, one cannot expect stable economic growth while leaving its masses behind. If economies like Vietnam and Peru can benefit from creating quality jobs, the growth opportunity for India is tremendous. However, to capitalize on the same, quick action is required. We can start working towards a solution by improving the education system and reforming labour laws. We hope that the new Government will take timely and effective measures to improve India's job market.