By Third Quarter Of Current Fiscal, Job Market Set To Revive
By Gopal Krishna Agarwal
The
job market has not to be seen only in light of NSO employment data but also
include self-employment opportunities created with entrepreneurship
development. The job market has significantly undergone change with new set
avenues being created with technological advancement and changed economic
scenario. The data with regards to jobs have to be looked from a different
perspective. With all the macroeconomic parameters being favorable the economy
has bottomed up.
GDP
growth figures will significantly improve in the coming quarter. Government
investment over the period has increased many folds, basically in
infrastructure development. PM’s concerted efforts; to revive stalled projects
through the PRAGATI initiative has helped many held up projects. These are
creating a lot of demand in the economy propelling private investment as well.
Projects like bullet train, which catalyze growth, are seeing the light of the
day.
Modi government focus on improving manufacturing
sector and make India, a global manufacturing hub is important. Globally
employment generation primarily emerge from this segment. New forms of
employment is being generated with different skills. We have to see the results
of developing self employment and entrepreneurship. Youth is waking up to the
requirement of different skill sets where new opportunities are emerging
exponentially like a wireless network, data scientist, data architect,
artificial intelligence, automobile engineer, 3D technician, cyber security
expert etc. Even aggregators like Uber and Ola and E-commerce business are
giving new working opportunities. People are being trained in new skills. They
are leaving traditional occupations behind. Government efforts on skilling and
entrepreneurship development like 5 crore mudra loans and stand up, startup
ecosystem is working well. We have reached the third rank in global start-up
ecosystem. With corruption and black money under check, transparency and online
system of doing business under the new GST and the digital economy regime, ease
of doing business (EODB) has gained tremendous momentum. World Bank has
recognized twenty economic reforms of Modi government and are ready to be
considered in next EODB ranking. We are expecting significant improvement in
next the ranking. Nomura has also estimated that our GDP will grow at 7.1% YOY
basis. All this is showing positive sentiments and by the third quarter of
current fiscal, the job market is going to go up significantly and is already
showing signs of improvement. Disclaimer: The views expressed in the article
above are those of the authors' and do not necessarily represent or reflect the
views of this publishing house.
