The Present Economic Slowdown And The Revival Strategy With At Least 51 Million Jobs
As per a recent statement made by NR Narayana Murthy, the Chairman of the software mogul, Infosys, “The only antidote for non-progress of Indian economy with a GDP hovering around 4.5%, could be creation of more and more job opportunities in every section of community including product and service sector.” This statement came after the recent statistics presented by the Hon’ble Finance Minister of India, during his budget speech of Union Budget-2014. As per his report, Indian needs at least 51 million new jobs by 2019 to sustain the GDP of 4.5%, if not more, and the implication in the absence of it will be perilous.
What is the magic figure of 51 million?
As per the recent survey report of Crisil, it is estimated that the non-agricultural sector (service and industry), which accounts for 86% of the GDP, is able to add only about 38 millions of jobs in between 2011-12 and 2018-19. This is only about 75% of the actual requirement of 51 million jobs as per the budget speech estimation revealed by the Hon’ble Finance Minister, Mr. P. Chidambaram. As per the financial statistics every month there are about 1 million people encircles them in the category of working-age population. Although all of these do not come directly into job competition, almost 58% of them find a job and the remaining 42% stays out of this competition for the reasons of higher study, agrarian sector engagement or remain unemployed.
Although the rate of job-sector participation seems to be quite low as compared many other nations, still with this rate of fresh job hunters, in coming 7 years (by the FY 2018-19), Indian will need at least 51 million jobs to offer to its working-age population. If this requirement is not met, the situation may become chaos and the economy of the country may stumble quite worse from the current rate of GDP of 4.5%. In the global context, India has to create at least 16.6% of additional job requirements to maintain its economic stability. Really a tough challenge in the present context!
What could be the solution?
As per the statements of N R Narayana Murthy, the Chairman-Infosys, it needs a combative and combined effort to face this challenge. Not only industry or the service sector or the agrarian sector, but all in-general including politicians need to work collaboratively in the direction of creating more job opportunities in the coming years. In such a situation Technology can come to the rescue of India from economic slowdown. Legible and intelligent application of technology can help the government to be accessible to poorest of the poor and better the opportunities for healthcare, education, and such other basis requirements. This can help in creation of more and more opportunities and thus can help India to get its antidote for Economic slumber.
What are the opportunities?
In the present context of Indian economy, it seems there is no other alternative except creating more and more jobs. This can be viewed as an opportunity for the job seekers. At least the magic figure of 51 million more jobs (by 2019) will offer a lot of opportunity for the job seekers as compared to the previous years. With almost 7.3 million new jobs on an average each year, there is a tremendous potential in the present job scenario to craft promising career out of it. No Political party or industry or bureaucrats or academician will ever let this country to go in the line of non-progress, and this indicates a tremendous tide of jobs for the job hunters in the coming years. Embracing the changes and going with the winds, will help to better the career in the most promising manner, while India develops with its Vision 2020 Plan of Action.
Hurry up freshers – A lot is coming in your way to set your career right!