17 November,2022 10:11 AM IST | New Delhi | Agencies
India is faced with a new urgency to create lakhs of jobs. Pic/PTI
There is a new urgency in India to create jobs for the rapidly growing number of young people set to enter the workforce in the next two decades. If India is to seize the advantage of its burgeoning youth workforce, it needs to, strategically, implement economic and industrial policies.
India will account for 20 per cent of the worldwide increase in the working-age population over the two decades from 2020. Projections from the World Bank show that between 2020 and 2040, India's population aged 15 to 59 years is expected to increase by 134.6 million. That large number of potential workers is a big boon for India's economic growth, but it is also a challenge for policymakers - of creating new and decent job opportunities.
Also read: With 177 million, India largest contributor to global population milestone of 8 billion: UN
Increasing government spending on health, education and other social sectors will be crucial to realising the potential dividend from young demography. This is even more crucial in the aftermath of the Covid-19 pandemic. In 2018, India's expenditure on health as a proportion of GDP was only 0.95 per cent, compared to 3 per cent in China and 8.5 per cent in the US.
Investment will be particularly helpful for states such as Bihar, Uttar Pradesh, Rajasthan, Madhya Pradesh and Chhattisgarh, which have a growing young population but lag in human development. These investments will bring an increase in living standards and future economic growth, as well as new employment opportunities, such as teachers and health professionals.
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