The Indian job market has been dipping down continuously and the lack of stable formal sector employment is causing much disturbance to people’s everyday lives. Globalization, technological advancement, automation and many other factors have led to the rise in the rate of unemployment in India. This gradual yet consistent decline in good, stable public sector jobs has caused much social unrest that many other developing and developed countries over the world have had to face. So what could be the cause of such serious global job crisis?
Research is being carried out in this regard, quite intensively, and experts are more or less unanimously agreed on the plausible causes of the economic crisis. Emphasizing the advancement in technology, robotics, automation and digitization, experts are of the opinion that these might be the primary causes of the decline in stable formal sector employment, or ‘good jobs’ that up until a certain degree, assure a decent lifestyle.
In a new study by professors Dani Rodrik from Harvard University J.F. Kennedy School of Government, and Charles Sable from Columbia Law School, it was highlighted that new technology is generating fewer stable jobs. The authors expound that good and stable jobs will surely go a long way in ameliorating standards of living in the long run.
You might also be interested to read: Work From Home Is The Most Sought After Job Perk Today
Appertaining the same to the Indian job market, one may wonder, how new jobs can be generated in the country when the best economic trends, information technology, digital uprising and knowledge economy are concentrated in selective centres, and metropolitan cities. Until and unless the private sector lets the reins of knowledge and resources loose, the economy cannot improve. The capitalist economy has failed to create better jobs for the youth and it needs to be proactive in how to deal with unemployment that has widely spread due to its shortcomings.
Experts in political science and government affairs are looking for potential solutions and majority of them advocate a redressal in the global jobs crisis. This redressal needs to take place by means of certain cooperative measures that must be taken by the private sector in conjunction with the government. With strategic and time-honoring collaboration between the public sector and private sector industries, and active involvement of the government, we can put an end to the long-standing state of unemployment in India.
Business leaders are in agreement that in order to generate good and stable jobs, it is imperative that organizations change their approach towards outdated employment policies. But the most important role to be played in the Indian job market is of the government. The government needs to pressurize the private and public sectors to work in conjunction and generate formal sector employment opportunities that our youth needs.
References:
“How govts can generate good, stable jobs,” Arjun Srinivas, 17th April 2019
