(CTN News) – The Indian government plans to invest $24 billion in expanding youth job possibilities. The Indian government is going to invest $24 billion in expanding job prospects for youth, as the creation of jobs seems to be the largest obstacle facing Prime Minister Narendra Modi during his third term in office.
Financial assistance for economic projects in two states run by its regional allies was also announced by the administration. Following recent elections, Modi’s Bharatiya Janata Party established a coalition administration after failing to secure a clear majority. The nation’s economy is expanding quickly, but the party’s decline in popularity was attributed mostly to significant unemployment and unrest in the country’s large rural regions.
Finance Minister Nirmala Sitharaman said in parliament on Tuesday that during the next five years, the government would “facilitate employment, skilling and other opportunities” for nearly 40 million young people.
To increase prospects for job seekers, she added, the government would provide paid internships at the 500 best enterprises in the nation. India’s 8.2% growth rate in 2017 was the highest of all the world’s major economies.
Critics counter that although millions of people struggle to make ends meet, only a small number have benefited from the boom. The largest issue facing Prime Minister Narendra Modi in his third term is job creation.
Financial assistance for economic projects in two states run by its regional allies was also announced by the administration. Following recent elections, Modi’s Bharatiya Janata Party established a coalition administration after failing to secure a clear majority.
The nation’s economy is expanding quickly, but the party’s decline in popularity was attributed mostly to significant unemployment and unrest in the country’s large rural regions.
Finance Minister Nirmala Sitharaman said in parliament on Tuesday that during the next five years, the indian government would “facilitate employment, skilling, and other opportunities” for nearly 40 million young people.
To increase prospects for job seekers, she added, the indian government would provide paid internships at the 500 best enterprises in the nation. India’s 8.2% growth rate in 2017 was the highest of all the world’s major economies.
Critics counter that, although millions of people struggle to make ends meet, only a small number have benefited from the boom. Several economists applauded the indian government’s statement that it would increase lending to small and medium-sized enterprises to promote job growth.
The Modi administration has long faced criticism from opposition parties for providing billions of dollars in subsidies to large corporations while providing little support to smaller ones.
Supporting smaller companies is essential since they are the ones who generate employment.
However, capital-intensive technologies used by large firms don’t create a lot of jobs, according to economist Santosh Mehrotra, who spoke with VOA. “For the first time in its ten years in office, the indian government seems to have given the unemployment crisis we face significant attention.”
According to him, offering internships can be a critical first step in solving the unemployment issue. According to Mehrotra, it’s yet unclear how the ideas will be put into practice.
According to economists, India’s manufacturing sector, which contributes only 17% of the country’s GDP, is too small to support employment growth. While the Center for Monitoring the Indian Economy, an economic study organization, thinks that the unemployment rate is about 9%, indian government data place it closer to 6%.
The largest obstacle faces recent graduates, whose jobless rate is around 29%. An estimated 10 million individuals in the youngest nation in the world join the labor force each year.
Despite robust development in South Asian nations like India, World Bank research titled “Jobs for Resilience,” published in April said that the area is not producing enough employment to keep up with the fast-growing working-age population in the region. The research states that South Asia’s employment ratio was 59%, whereas other emerging market and developing economy areas had employment ratios of 70% or higher.
According to official forecasts, India’s economy will continue to develop quickly. Growth is expected to be 6.5% to 7% this year, which is lower than last year’s numbers but still strong among major countries.
“The global economy, while performing better than expected, is still in the grip of policy uncertainties,” she said. Finance Minister Sitharaman said, “In this context, India’s economic growth continues to be the shining exception and will remain so in the years ahead.”
India would see “better growth and a bright future” as a result of the budget, according to Modi.
To maintain support from its coalition partners, the indian government also declared financial support for the states of Andhra Pradesh and Bihar. These states’ two regional parties, which Modi has vowed to assist, are essential to his BJP’s continued dominance.
Source: Voanews
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