Bright Right Now-For growth, quality of human resources is key

Source: The post is based on the article “Bright Right Now-For growth, quality of human resources is key” published in the Indian Express on 26th November 2022.

Syllabus: GS – 3 – Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

Relevance: About improving India’s Human resources.

News: Recently, China has embarked on another round of Covid shutdowns in some large urban centres to suppress a wave of infections. According to IMF, the economic fallout of endless curbs in the world’s second-largest economy (China) will ripple out into 2023.

Along with China, the US and Europe are also struggling. Hence, the global economy is estimated to grow by 2.7% in 2023.

How India can take advantage of the situation?

India expected to grow at 6.1% will be a global bright spot. Economic might does provide the country leverage to realise other goals for collective welfare. For instance, it will help India to push for better terms in the ongoing free trade talks.

Why India must improve its human resource?

a) According to the government’s urban jobs report, the unemployment rate was 7.2% even in most dynamic areas, b) Only 46% of the eligible population in India was in the workforce in 2021 compared to a global average of 59%.

How India can improve its human resources further?

The government should not lose sight of structural weakness in the Indian economy. Further, India needs to improve its long-term needs in the job market.