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LATEST NEWS UPDATES | Can India Seize the Demographic Advantage? -Jayan Jose Thomas

Can India Seize the Demographic Advantage? -Jayan Jose Thomas

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published Published on Nov 16, 2022   modified Modified on Nov 17, 2022

-TheWire.in

If India is to seize the advantage of its burgeoning young workforce, it needs to strategically implement economic and industrial policies.

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.

India will account for 20 percent 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, while it could decline in China during the same period by about the same amount. 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 for the rising numbers of young people.

India’s economy and the labour-force are undergoing a structural transformation, which is fuelling the urgency to generate new jobs. As recently as 2017-18, agriculture-related jobs were the source of livelihood for 41.8% of India’s workforce, which numbered 457.6 million. A significant shift away from agriculture has occurred since the mid-2000s, and the process is likely to speed up in coming years. That would result in several million workers leaving their rural homes to seek non-agricultural jobs in towns and cities.

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TheWire.in, 16 November, 2022, https://thewire.in/economy/can-india-seize-the-demographic-advantage


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