New Delhi, Jan 31 Initiatives like internships in companies (PM Internship Scheme) and public-private partnership for skill development and vocational training will go a long way in creating industry-ready workforce, said the Economic Survey 2024-25 on Friday.
Additionally, by creating a skilling ecosystem with a high-quality, globally competitive workforce, India can enhance employability for youth in global job markets, it added.
According to the Periodic Labour Force Survey (PLFS), the unemployment rate in India has dropped significantly and labour force participation and the worker population ratio have shown considerable improvements.
The unemployment rate (UR), for individuals aged 15 years and above, has steadily declined from 6 per cent in 2017-18 to 3.2 per cent in 2023-24.
Net additions to EPFO subscriptions have more than doubled, rising from 61 lakh in FY19 to 131 lakh in FY24, indicating the formalization of job market.
Nearly 61 per cent of net payroll addition came from less than 29 years of age indicating that new jobs in the organised sector are going to the youth.
Annual Survey of Industries (ASI) results for the FY23 shows more than 7 per cent increase in employment over the previous year. This translates into an addition of over 22 lakh jobs in FY 23 over FY 19 (pre-pandemic level).
Female Labour Force Participation Rate (FLFPR) has increased from 23.3 per cent in 2017-18 to 41.7 per cent in 2023-24. This shows enhanced participation of women in economic activities across various categories, including rural and urban.
Initiatives such as Mudra Yojana, Skill India, Start-Up India, and Stand-Up India have played a pivotal role in fostering entrepreneurship, providing skill training, and supporting individuals in creating self-reliant and sustainable livelihoods, according to the Economic Survey.
The Economic Survey mentioned that the growing participation of women in entrepreneurship can propel the country towards higher levels of development by tapping into their latent potential to contribute to economic activities.
To give a fillip to women's entrepreneurship, the government has launched several initiatives in terms of easier access to credit, marketing support, skill development, support to women start-ups, etc.
It further says that to secure long-term stability, a fair and reasonable distribution of income between capital and labour is imperative. It is essential for sustaining demand and supporting corporate revenue and profitability growth in the medium to long run.
The Economic Survey noted that the growing digital economy and renewal energy sector are providing enhanced opportunities for job creation.
Both these sectors offer immense potential to increase employment, especially opening opportunities for the women and thereby leading to their financial independence and empowerment, it added.
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