Narendra Modi’s job agenda will have to focus on skill development
Riding on Narendra Modi’s victory wave, India and its economy is on a new high. From stock market to job market, signs of positivity and growth are clearly visible. Amidst speculations and apprehensions, people are hoping for burgeoning job opportunities across public and private sectors.
Joseph Devasia, managing partner, Antal International Network India spells out a to-do list for the NaMo government to give a boost to the Indian Job Market.
Reviving the Economy:
The NaMo government will be at crossroads due to the various issues they have to deal with like stabilising the rupee in the international market, granting permission for new projects and increased use of automation and technology in the government sector. Also, bringing about stability in key sectors like Infrastructure and Mining. The NaMo government will have to focus on infrastructural development, illiteracy, environmental issues and other socio economic areas with a set deadline which will again boost the economy and that, in turn, will boost the job market.
Public Sector Vs Private Sector:
Overall, the private sector will benefit more as they tend to be nimble when it comes to executing new policy changes or capitalising on government initiatives. Currently, there is also a push to drive disinvestment within PSUs, especially the Navratna companies. If this can be brought about then a surge in productivity within PSUs will further give a boost to the economy.
India has been facing the issue of skill management for years. The last decade has made matters worse, especially with newer skills being in demand. The new government will have to focus on this area and look at development of vocational skills as a key agenda. India has managed to produce only 1.6 million professionals when the estimated requirement is 2.3 million by the year 2015. The NAMO Government will have to look at skill development as a core factor while reviving the job market in India.
Breathing Life into Dormant Sectors:
The Government will have to bring in reforms that will revive dormant sectors like aviation, auto, infrastructure, agriculture etc. These sectors are particularly important for driving foreign investments into the country. Hence, the government needs to focus on these sectors and revive them.
One of the key issues the government will have to deal with is corruption and the negativity revolving around the country’s economic conditions. Dealing with corruption and regaining the trust of foreign investors will play an important role in reviving the country’s economy. This move will help in growth and increasing the liquidity cycle, which in turn will help sectors like airlines, FMCG, financial services, manufacturing and infrastructure, giving a boost to the job market.