Need investment, skilling drive to boost jobs: Study
NEW DELHI: While estimating the possibility of employing up to 35 crore workers in manufacturing and services by 2030, a new study has recommended a massive skilling drive and a focus on investments to ensure that there is gainful employment in the economy.
In a paper, "Pathways to Jobs," presented by a team of economists from NCAER led by economist Farzana Afridi, it was estimated that since 2017-18, the country's workforce increased by around nine crore, but around six crore jobs were added. A bulk of the projected jobs - around 28 crore - are expected to come in the services sector. It, however, argued that higher investment in labour-intensive manufacturing and services can lead to a doubling of employment in the economy as there would be inter-sectoral linkages.
It noted that the proportion of the labour force engaged in agriculture has declined, while the manufacturing sector's contribution has remained stagnant. What has added to the complication for policymakers is the trend of declining labour intensity of production. In addition, there is an insufficient supply of skilled workers, an issue which the economists said needed to be addressed urgently.
While there were changes since 2017-18 with faster growth in high-skill employment, there is a greater concentration of these workers in the services space.
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"There was a decline in the share of untrained workers over time. In 2018, 92% of workers had no training, which fell to 65% by 2024. However, the majority of workers remain untrained. As of 2024, only 4% of workers received formal training," the paper said.
The economists made a case for students to be offered a choice to go for academic or vocational education, with training expected to result in additional job creation. At the macro level, the policy recommendations included higher expenditure, along with lower taxes, incentives to spur investment, and easier labour regulations.
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