New Delhi, October 28 (IANS). India is on its way to becoming a 5 trillion dollar economy. With the country’s goal of becoming a developed nation by 2047, better income distribution will require more formal and quality jobs than ever before. This information has been given in a new report that came recently.
According to a report by Deloitte, it is very important for the government to pay attention to the expansion of the manufacturing sector, because the arrival of workers in this sector increases the chances of getting formal employment.
51.4 percent of the jobs in the manufacturing sector are related to salaried people. This change will increase income stability for people living in the absence of regular wages and social security.
Additionally, the growth of the service sector will aid the formalization of jobs, encouraging workers to acquire formal education and upskill.
Growth in emerging industries such as semiconductors and electronics will create opportunities that require advanced education and specialized skills, creating high-quality jobs.
Additionally, India’s move towards clean energy options will create green jobs in various sectors, including energy, agriculture, tourism and transportation, the report said.
India’s greatest strength is its young, ambitious population. Researchers believe that the ability to learn decreases with increasing age. This suggests that young people are more likely to learn new skills quickly.
One study found that young minds and brains are naturally more flexible and exploratory. This positions India to reap substantial benefits from investments in skills development.
Recognizing the potential of the youth, the government has recently announced initiatives to run internship programs and provide education loans for higher education.
According to the report, these will go a long way in improving the employability and skills of the Indian youth. Many states are also striving to become important players in the growing Indian economy. They are actively investing in formal employment creation and skill development.
—-IANS
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