New Delhi
As India aims to become a $5 trillion economy and achieve its long-term vision of a fully developed nation, termed ‘Viksit Bharat,’ by 2047, a report on Sunday emphasizes the need for more formal and quality jobs. The government’s commitment to expanding the manufacturing sector is pivotal in this transition, as it presents a greater likelihood of securing formal employment.
According to a report, approximately 51.4% of manufacturing jobs are salaried, which can significantly enhance income stability for individuals lacking regular wages or social security, especially in rural areas. The report highlights that formalizing employment through manufacturing can help address income distribution issues as the economy grows.
The expansion of the services sector is also expected to play a role in job formalization, encouraging workers to pursue formal education and develop their skills. Additionally, emerging industries such as semiconductors and electronics will create job opportunities requiring advanced education and specialized skills, contributing to the growth of high-quality jobs.
India’s push toward clean-energy alternatives is projected to generate green jobs across various sectors, including energy, agriculture, tourism, and transport. This strategic focus on sustainable development is aligned with global trends and will provide further avenues for employment.
The report points out that India’s young and aspiring population is one of its greatest strengths. Research indicates that younger individuals learn new skills more quickly, making investments in skill development particularly beneficial.
