{"id":306077,"date":"2024-07-31T19:00:31","date_gmt":"2024-07-31T13:30:31","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=306077"},"modified":"2024-07-31T19:00:31","modified_gmt":"2024-07-31T13:30:31","slug":"shift-towards-employment-generation","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/shift-towards-employment-generation\/","title":{"rendered":"Shift Towards Employment Generation"},"content":{"rendered":"

Source<\/strong>-This post on Shift Towards Employment Generation<\/strong> has been created based on the article \u201cImpatience with jobs: On the Budget speech<\/strong>\u201d published in \u201cThe Hindu<\/strong>\u201d on 31 July 2024.<\/p>\n

UPSC Syllabus-GS Paper-3<\/strong>– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.<\/p>\n

Context –<\/strong>The 2024 Budget speech represented a major shift, focusing mainly on employment. This change shows the government\u2019s recognition of the urgent job crisis that has been a key issue in recent political debates.<\/p>\n

The article highlights that high youth unemployment is a serious threat to India\u2019s long-term growth, according to rating agencies. It stresses the need to tackle this issue for sustainable economic development.<\/p>\n

What are the announcements made in the recent budget to address the job crisis?<\/strong><\/h2>\n

1) Employment package-<\/strong> The proposed \u20b92 lakh crore package aims to assist 4.1 crore youth over five years through three employment-linked schemes: two offer subsidies to hire new workers for at least a year, and the third encourages companies to increase their hiring beyond last year’s levels.<\/p>\n

2) Skill-job mismatch-<\/strong><\/p>\n

A) Upgrading 1,000 industrial training institutes (ITIs)<\/p>\n

B) Collaborating with industry to design relevant courses<\/p>\n

C) The central government will cover most of the stipend costs for an ambitious internship program targeting 1 crore youth in 500 top companies. The firms can participate voluntarily and use their mandatory CSR funds to cover the remaining expenses.<\/p>\n

Read More-<\/strong> Present status of employment in India<\/a><\/p>\n

What are the key factors contributing to the employment crisis?<\/strong><\/h2>\n

a) Investor preference for capital-intensive investments<\/p>\n

b) Outdated labor laws acting as disincentives for large-scale employment<\/p>\n

c) Recent economic shocks impacting the informal sector include demonetization, GST implementation, and COVID-19 pandemic lockdowns.<\/p>\n

d) The government\u2019s past efforts to boost private investment have mainly been aimed at increasing production rather than creating jobs.<\/p>\n

Way ahead-<\/strong><\/p>\n

1) Expeditious filling of vacancies in government sectors.<\/p>\n

2) Creating conditions to boost consumption, which would encourage private sector expansion and hiring.<\/p>\n

Question for practice<\/strong><\/p>\n

What measures were announced in the recent budget to tackle the job crisis? What are the main factors driving the employment crisis?<\/p>\n","protected":false},"excerpt":{"rendered":"

Source-This post on Shift Towards Employment Generation has been created based on the article \u201cImpatience with jobs: On the Budget speech\u201d published in \u201cThe Hindu\u201d on 31 July 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context –The 2024 Budget speech represented a major shift,… Continue reading Shift Towards Employment Generation<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,167],"tags":[216,8184,10498],"class_list":["post-306077","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-economy-subject","tag-gs-paper-3","tag-indian-economy","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/306077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=306077"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/306077\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=306077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=306077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=306077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}