Jobs for resilience report
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Context
- The World Bank has warned that the South Asia region including India was not making use of its demographic dividend as the pace of job creation in the region fell well short of the growth in the working-age population.
Details of the findings
- It projected a strong 6.0-6.1% growth for 2024-25 for the region.
- Report observed that India’s employment growth was “well below” the average growth in its working age population for the 2000-23 period.
- India’s employment ratio had declined more than in any other country in the region except Nepal up till 2022.
- However there was a 3-percentage point rebound in 2023.
- India’s economy was expected to post a “robust growth” of 7.5% in FY23/24.
- The region could have 16% higher output growth if the share of its working-age population that was employed was on a par with other EMDEs(emerging market and developing economy.)
- As per the report weak employment trends in the region were concentrated in non-agricultural sectors.
Conclusion:
- The report reflects the challenges in the institutional and economic climate, which had stifled the growth of businesses. There is a need to encourage the growth of employment by supporting the participation of women in the economy, increasing access to finance, increasing openness to trade, easing financial sector regulations and improving education to utilize the demographic dividend efficiently.
Important article to read
Source
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PRACTICE QUESTION Q) Which of the following is a challenge associated with India's demographic dividend? a) Declining dependency ratios b) Ageing population c) High unemployment among the youth d) Decreasing birth rates Answer c) |
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