India is in no way short of labour, with its extensive population. However, recent reports of lack of employment and the practical situation around us, is an eye opener that the youth of this country is struggling to survive.
The intense competition of topping skill sets and leading the charge on their own through entrepreneurship is helping make a difference but at a not so prominent scale. Budget 2019 addresses the issue but under a larger umbrella.
Finance Minister Nirmala Sitharaman stressed upon the need for heavy investment in digital economy and job creation in small and medium firms to fulfill the aspiration of making India a 5 trillion dollar economy.
Underlining the importance of "Make in India" for fulfilling this goal, the Finance Minister has proposed a number of initiatives as part of a framework for kick-starting the virtuous cycle of domestic and foreign investments.
The government will also focus on imparting new-age skills in areas like artificial intelligence, Internet of Things, big data, 3-D printing, virtual reality and robotics to equip youth to take up high-paying jobs.
Since many creative minds wish to join the media, 26 per cent FDI is permitted with government approval in publishing of newspaper and periodicals dealing with news and current affairs; and publication of Indian editions of foreign magazines in news and current affairs.
The above additions in the Union Budget can possible help prevent India’s massive youth force sitting idle and doing random jobs, but rather acquire on that matches their skill set. Entrepreneurs will also find new ways through mergers and acquisition with foreign parties to provide the diminishing employment a new boost.
