The Summit highlighted the need for urgent policies and reforms to create 50 million high-quality jobs in next 10 years The Summit also released a white paper by Dr. Romesh Wadhwani that proposes six key high-quality job growth strategies that link GDP growth with job growth Shri Manohar Parrikar, Hon’ble Minister of Defence stressed the need to enhance the ‘Ease of Doing Business’ in India
Wadhwani Foundation recently organized the ‘Job Creation Summit’ in New Delhi, with a panel discussion on filling the jobs gap by focusing on “high-quality jobs creation policies.” The panel included Shri Manohar Parrikar, Hon’ble Minister of Defence and Dr. Romesh Wadhwani, Founder & Chairman, Wadhwani Foundation.
Between 2005 and 2012, India’s GDP growth was 54% but its job growth was only 3% at 15 million net new jobs. The GDP-Jobs growth disconnect will get much worse in the next 10 years. At an annual growth rate of 7-8% the GDP will roughly double in the next 10 years. Meanwhile, the number of workers entering the workforce will increase to 8 million each year i.e. 80 million net new job-seekers by 2025. At the current job creation rate of 3 million jobs/year, only about 30 million new jobs will get created over the period. This implies a job creation gap of about 50 million jobs in the next 10 years, with at least 30-35 million of these in manufacturing and services. With the rising expectations of the workforce, and India’s need for more skilled labor, most of these jobs will have to be Quality Jobs.
In order to keep track of GDP and job growth, Dr. Romesh Wadhwani, Founder & Chairman, Wadhwani Foundation suggested to “appoint a National Jobs Advisor to the Prime Minister in the PMO. The Advisor would align job growth planning with economic planning; ensure integration of the multiple but siloed job-related policies across central ministries, as well as with the States; enable sharing of best practices between States, and provide a liaison between GOI and the private sector. Most importantly, the Advisor would monitor actual outcomes for quick mid-course policy corrections as needed."
For prioritizing on policies that link GDP growth with job growth and complement recent initiatives like ‘Startup India’ and ‘Skill India’, the Summit released a white paper by Dr. Romesh Wadhwani, Founder & Chairman, Wadhwani Foundation. The white paper proposes six key strategies to fill the gap of 50 million jobs in the next 10 years, especially quality jobs that pay Rs. 15,000/month or more.
Shri Manohar Parrikar, Hon’ble Minister of Defence stressed on the importance of streamlining the ‘Ease of doing business’ in India. He added, “The government should get away from the lengthy process of filing the documents for the startups and it is working with all the ministries for deregulation for startups. This will further help ease of doing business in India. Startups should be exempted from all the formalities in the initial first 5 years for their growth.”
Dr. Romesh Wadhwani further added, “Much needs to be done to improve the ease of doing business in India, especially for SMEs. It takes too long to start a business, operate a business or close a business, due to multiple formalities involved. Archaic size restrictions continue to pigeon-hole enterprises into unviable, ineffective and inflexible categories. A well-crafted Startup Policy, free from errors of the past, should be able to effectively unlock the situation.
A cúpula reconheceu os tempos empolgantes que a Índia tem pela frente, com uma oportunidade única na vida de transformar seu dividendo demográfico em liderança econômica. Mas isso só poderá acontecer se a Índia criar dezenas de milhões de oportunidades de trabalho de qualidade e capacitar seus jovens para aproveitá-las.
Sobre a Fundação Wadhwani:
A principal missão da Wadhwani Foundation é acelerar o desenvolvimento econômico em economias emergentes por meio da criação de empregos em larga escala. Cinco iniciativas que impulsionam a inovação, o empreendedorismo e o desenvolvimento de habilidades atendem a essa missão. A Fundação está presente na Índia, Indonésia, Paquistão e Malásia, e tem planos de expansão para outros países do Sudeste Asiático, África e América do Sul.
Rede Nacional de Empreendedorismo (NEN) inspira, educa e apóia estudantes empreendedores, startups e PMEs para a criação de empregos de alto valor.
Rede de desenvolvimento de habilidades (SDN) provides vocational training support to educational and training institutes, and employers for entry-level mid-skill jobs through a video-based online platform.
Rede de Oportunidades para Pessoas com Deficiência (OND) mainstreams the educated disabled into sustainable high-quality corporate jobs through a business value proposition.
Rede de pesquisa e inovação (RIN) aims to create a world-class innovation ecosystem in India with the goal of propelling India towards the top ten innovative nations in the world.
Centro de Pesquisa de Políticas provides data-driven research inputs for informed policy action towards accelerating economic growth. The initiative has also established a chair in U.S-India policy at the Center for Strategic & International Studies in Washington, D.C.
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