The last six years saw a stark improvement in the labour market. The unemployment rate declined to 3.2 per cent.
With an increase in youth and female participation in the workforce, the government has an opportunity to tap the demographic and gender divide.
Increase in in net payroll additions under EPFO showcases that there has been an increase in formal employment.
With the advent of AI, the right balance needs to be struck between collective welfare and deployment of labour.
Agro-processing and care economy are upcoming sectors which show promise in sustaining the economy.
Measures have been undertaken by the government to promote employment and create an environment for self-employment, while managing worker welfare.
The government's flagship programmes have seen a rise in the number of candidates who aim to hone and develop their skills, thus earning the moniker of 'Skill India'.
Regulatory chokeholds, however, like building codes, restricting sectors and restrictions on women's employment have hindered employment generation. Releasing such chokeholds will boost employment and also raise participation of women in labour force.
Published 22 July 2024, 11:40 IST
