India's demographic gamble

23 DEC,2019 | MEDC


 

 

Around a million Indians are entering the workforce every month, and this is expected to continue till 2035. In the current economic slowdown, the unemployment rate among the youth has risen significantly. Job creation is not taking place to the desired extent. This does not augur well for an optimal use of our demographic dividend.  The need of the hour is to enhance the competitiveness of our manufacturing and MSME sector, which has massive potential for employment generation. India also has to change its basic trade structure from beingan import-driven to an export-led economy. Our GST experiment needs recalibration and a revamp of the country’s educational and vocational training system is essential. We have only until 2035 to cash in on our demographic dividend. After that, our population will start aging, and the benefits of the dividend will start diminishing. A strategic approach isthe key.

 

*Photo Credit: Google

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