NITI Aayog recently conducted Champions of Change, a conference for top two hundred CEO’s in India.
The participants found “Jobless growth”is the major hindrance to the economic sustainability.
What creates jobless growth?
India is doing fairly well on the growth front the overall economy is growing at 7.1%, while the services sector, which accounts for over 53%.
The trouble is, this is not translating into an adequate number of jobs.
The spectre of “jobless growth” is real, and as millions continue to join the workforce every year without finding enough ‘good’ jobs.
Many industries are “reluctance” to invest in labour-intensive sectors.
The only way to stay competitive is greater investment in technology and automation, but automation grabs the job.
How jobless growths can be addressed?
Union government isbanking on the manufacturing sector to solve the jobs problem.
Manufacturing firms must invest in ways to create large numbers of productive, well-paid jobs.
Creating a circular economy is need of the hour.
The focus of firms necessarily needs to be more circular, “take, make, refurbish, repair, reuse” model.
The manufacturing sector could look at how it can create jobs around the products it makes, rather than find ways to create more jobs making those products.
