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HomeBusinessWhat would budget 2023 mean for the labor market and the india...

What would budget 2023 mean for the labor market and the india workforce rah mgb GTN News

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With 60% of the population between the ages of 18 and 64, India has a wealth of talent. Over the next few decades we have the opportunity to transform the economic condition of our nation at an unprecedented rate. Policy support, an abundance of capital, a pool of skilled talent and the spread of technology are the fundamental foundations for seizing this once-in-a-lifetime opportunity.

As we know, the industrial revolution helped many economies to reach their developed status. India should harness the ‘digital revolution’ along the lines of human capital. We must reject all current production bases and reimagine how the bar can be raised to create a multiplier effect. The penetration of technology in all key sectors of agriculture, manufacturing and services has created the perfect environment for technology-driven innovation, increased productivity and skill development.

During last year’s budget presentation session, Finance Minister Nirmala Sitharaman said India would create 6 million jobs in five years. It really doesn’t seem simple and it won’t be enough. To increase the number of jobs, India can attract investment by facilitating investment, growing the startup ecosystem and promoting self-reliance.

To accelerate the labor market it is necessary to emphasize three areas. This includes improving the Gross Enrollment Rate (GER) for higher education, ensuring the employability of university graduates and providing incentives for businesses to continue investment.

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Digital platforms are the best way to bridge this gap, improve the cost of higher education and provide high quality education to students in remote areas.

The current GER for higher education is around 27 percent. With only 1.3 million students enrolling in higher education each year, we have a lot of room for improvement. Immediate steps can be taken to improve enrollment. By the year 2021, it was estimated that 25 percent of our population was under the age of 14. As they approach the threshold of higher education, we must ensure that the conditions are right for them to continue their studies. Gender equality, economic support and access to higher education must be addressed.

Posted by:Mohammad Rahman Pasha

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