Inspite of being the fastest growing economy in the world, India has failed to create jobs for its people.
What is the present employment scenario in India?
Informal as well as formal employment in sectors like IT are facing a reduction in the number of jobs added annually.
The most people in working age are employed in temporary jobs or jobs which are not sustainable in long term.
Young generation who are annually added to the job market face problems in finding appropriate employment according to their expertise.
What measures should be taken to create jobs?
Policies must be reviewed to understand why the globally highest growth rate has not translated into increased jobs in India.
A stronger investment cycle has to supplement the consumption-led growth to create a sustainable basis for livelihood.
Measures to lift people from underemployment and sustenance has to be followed through.
Conditions have to be built up in the economy such as ease of doing business, investor friendly options to complement the large potential market to generate employment.
All risks like regulatory and disruptive risks have to be mitigated for the attracting investments in the country.
Also judicial resolution of issues and complexities have to be quickened.
Changes in tax structures has to be made to end tax evasion and increase compliance.
Laws and procedures to deal with insolvency and resolution of stressed assets has to be introduced.
