Government policies must result in job creation: Rajan

Government policies must result in job creation: Rajan: ‘Ingenuity of society must meld with technology to push employment’



Excerpts:

Pranab Bardhan's analysis:

"He also pointed to data that showed that nearly 30 per cent of Indians in 1the 5-24 age group are neither in employment nor in education or training. “India is the worst-performing in this metric among the top 10-15 major economies. China’s equivalent figure is at 10 per cent,” Bardhan said.
He said it would be wise if the government changed the current system of offering capital subsidies to giving wage subsidies — that is, incentives for businesses for hiring more workers. Currently, he said, the sum total of corporate subsidies far exceed the government’s spending on social welfare, agriculture and fertilizer subsidies and job guarantee schchemes"
Read full report.

My VIEW:

January 29, 2016
Job creation
This refers to “Govt policies must result in job creation: Rajan” (The Hindu Business Line, January 29). The pathetic condition of Indian youth as revealed by the observation by Professor Pranab Bardhan that nearly 30 per cent of Indians in the age group 5-24 are neither in employment, nor in education or training may not be ‘breaking news’ for the policy makers in India. But, education and employment policies do not get any remedial measures to improve this situation factored in, remains a fact.
One reason for priorities getting distorted is diversion of debates to more sensational and less important (from development perspective) issues by political leadership and media. Of late, genuine thinkers and statesmen are also getting trapped by the vested interests. How else to explain the recent developments in which several talented citizens who have contributed their mite immensely in various fields getting into meaningless spars?
To convert the vision Dr Rajan and Prof Bardhan have given expression to in their speeches into a mission, effective policy and resources support will be needed from the government. Employment generation will result in citizens’ participation in economic development only if there are changes in education and skill development as also reasonable job security and compensation packages which factor in lifestyle and social security needs. The present dependence on cheap labour and contract labour which get glorified as ‘outsourcing’ by institutions will do more harm than good in the long run.


M G Warrier, Mumbai

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