From Economy Reforms to Talent reforms for job creation.

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According to the Periodic labour force the unemployment rate for all age groups increased from 2.2% (2011-12) to 6.1% (2017-18), youth unemployment rate surged to a level never witnessed before in the Indian economy, increasing from 6.1% (2011-12) to 17.8% (2017-18). So Inorder to create more job creation required talent reforms instead of economic reforms. 

Talent reforms : Government policies needed to be align middle group include lowering of corporate tax rates and abolition of incentives that favour more capital-intensive units, better public infrastructure, especially access to quality power supply at reasonable rates, improved logistics, greater ease of doing business, better access to finance, ample availability of skilled labour, and more flexible labour laws. Development of skills through a combination of apprenticeships and training institutes run by the private sector, with an eye to the demand for skills in the market, is also critical.

Reform taxation: The tax structure needs to be futuristic. Currently, a trader with one employee is taxed the same as the entrepreneur who invests in machinery, and employees 50 people, taking much more risks. We need a new policy that gives tax credits to companies who employ more people. As we get into the robotic world of automation which will see massive displacement of workforce, such a policy will assume even more relevance. This tax break will be an incentive to save jobs.

Promote micro entrepreneurship: For a country as large as India, where nearly 90% of the workforce is in the unorganized sector, the focus needs to be on micro entrepreneurship, where if one person can employ five employees it will result in mass employment. China generates 10 million jobs in this sector. To be fair, the government has taken great initiatives like Startup India that seeks to fuel entrepreneurship. However, to make sure the slogans are translated into action, it needs to take the programme at the district level and at grass root level. 

Fix the skill gap: Today the rate of unemployment among graduates in India is extremely high at 17.4%. One of the main reasons for this is that they have skills of yesterday when what is needed is skills of the future. The government needs to rapidly look at future skilling and get our graduates industry ready. 





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