In this editorial segment, Mr. Sujit Nair discusses a pressing issue facing India: unemployment, along with a statement made by the Chief Economic Advisor. On March 27, Chief Economic Advisor V. Anantha Nageswaran emphasized that government intervention couldn’t solve all social and economic challenges, stating that diagnosing problems like unemployment is easier than finding solutions. At the unveiling of the “India Employment Report 2024: Youth Employment, Education and Skills,” co-authored by the International Labour Organisation and The Institute for Human Development (IHD), Nageswaran questioned the government’s role in tackling unemployment beyond increasing its own workforce. He highlighted the importance of the private sector in job creation and outlined government initiatives like skill development and the National Education Policy of 2020, emphasizing the need to shield them from political influence. Nageswaran also mentioned corporate tax breaks and subsidies aimed at promoting employment over capital accumulation. Drawing parallels with a satirical film from the 1970s, he questioned whether governments globally were inadvertently discouraging work through welfare policies meant to alleviate the consequences of unemployment, potentially disrupting the labor market. He highlighted the unintended consequences of public policy interventions and questioned whether individuals, particularly the youth, were sufficiently motivated to work and equip themselves with the necessary skills.
#Unemployment #Youth #ChiefEconomicAdvisor #VAnanthaNageswaran #IndiaEmploymentReport2024 #InformalSector #FormalSector #SelfEmployment #LabourParticipation #InternationalLabourOrganisation #ILO
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