India has set its sights on becoming the third largest economy by 2030, with the vision of making the country a developed nation by 2047 according to the Viksit Bharat plan. However, the persistent issue of unemployment continues to plague the nation, even as it has seen significant economic growth in recent years.
In a recent survey conducted by Economic Times Online, over 50% of respondents highlighted unemployment as the top challenge facing the Indian economy. As the country gears up for Budget 2024, nearly 9,500 readers participated in the survey to voice their opinions.
The survey revealed that 51.8% of participants identified unemployment as the most pressing issue, followed by concerns of inequality at 24%. Rural infrastructure was highlighted by 16.3% of respondents, while 7.6% viewed the fight against climate change as a primary concern.
In the fiscal year 2023-24, India added 4.7 crore new jobs, equivalent to 38 lakh jobs per month as per RBI’s KLEMS data. However, the International Labour Organisation report indicates that more than 80% of the unemployed workforce in India comprises of the youth.
To address the issue of unemployment and transform India into a developed economy, survey respondents emphasized the importance of improving workforce skills (33.3%) and inclusive growth (33.2%). Faster job creation was deemed crucial by 26.3% of participants, while 7.2% believed that increased government spending would be key.
Industry groups are advocating for job-linked incentives in the upcoming budget to stimulate job creation. Rohin Kapoor, Partner at BDO India, highlighted the need for a job-linked vocational education scheme to train manpower for current and future industry demands.
Among the budgetary measures suggested by survey respondents to tackle unemployment are incentivizing private job creators (54.1%), setting up more MSME units (32.2%), creating more government jobs (9.5%), and offering more affordable Mudra loans (4.3%).
India is facing a critical crossroads in its economic development journey, and addressing the issue of unemployment will be crucial in achieving its growth ambitions. With concerted efforts and targeted policy interventions, the country can overcome this challenge and realize its vision of becoming a developed nation by 2047.
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