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Source-This post on Bet on human resources for Viksit Bharat by 2047 has been created based on the article “Bet on human resources for Viksit Bharat by 2047” published in “Mint” on 1 April 2024.
UPSC Syllabus-GS Paper-2– Issues Relating to Development and Management of Social Sector/Services relating to Health, Education, Human Resources.
Context-The article highlights the importance of long-term planning. The author argues that whether market-oriented or not, an economy’s path is guided by variables that can take around 7 years to vary and adjust. This is the reason that the Viksit Bharat goal set by Prime Minister assumes significance. It encouraged Indian minds to achieve developed country status by 2047.
Read more- Labour Reforms
What are the problems with Indias labour market?
1) India has low female labour force participation in the overall labour force (especially of women)
2) There are few jobs in formal sectors and so many self-employed workers.
3) There is the issue of joblessness and slow growth in wage rises.
4) There is transition of workers from farm to low-skill service.
Thus, to avoid middle income trap and achieve developed country status, India must step up investment in education and healthcare. Like infrastructure, it can’t be left to market forces.
Question for practice
Highlight the issues with Indias labour market. How can this be addressed?
