What’s the Future of Employment for India’s Youth?
Reports claim that between 2019 and 2020, the unemployment rates for people in the 15–24 age range were significantly higher than those for people over 25. According to the survey, young people were particularly impacted because most firms prioritized retaining their current employees above hiring new employees.
While high-income nations are anticipated to close the employment gap they had in 2020 by 2022, low- and middle-income nations are unlikely to do so as soon. Given that India is the only country where youngsters fell more behind in 2021 compared to 2020, it has a particularly difficult issue.
It is now clear that technological advancements, population changes, environmental/climate change, and globalization will have an impact on how work is done in the future. The research lists 3 economies as potential areas of investment for the future within the greater field of labor that offers opportunity for young people.
1. Green: Positions aimed at resolving the environmental crisis
2. Care: Positions that emphasize the welfare and care of people
3. Digital: Positions that make use of the internet and various digital technologies
1. Awareness of the green economy: With expanding environmental sustainability concerns, it is anticipated that the green economy will overtake other industries as a major source of employment in the years to come. This includes the green transformation of current sectors as well as new fields of employment (such as automotive, electrical, construction, and hospitality). It’s interesting to note that practically all sectors are anticipated to be included in the green economy, either directly or indirectly. By 2030, the industry is predicted to create 8.4 million jobs for young people. Information asymmetry should not cause us to miss out on this chance.
2. Accessibility of digital resources: The usage of digital technology will inevitably increase as economies transition from agriculture to industries to services. These professions, however, tend to be concentrated in urban hubs as opposed to rural ones and are greatly impacted by the accessibility of digital devices and internet connectivity. According to projections, the industry is predicted to create 6.4 million jobs for young people by 2030. The benefit is that future employment may not be entirely technical for all positions. Digital skills are crucial to the creative economy, and jobs in these fields are predicted to expand.
3. Aspirations around care labour:The care economy is in charge of providing essential services like domestic work, healthcare, and education. Due to the informal nature of most employment in this industry, there are a number of vulnerabilities. These workers frequently lack social protection, and their financial rewards are far smaller than in other industries. Employees in this industry saw major salary cuts, fewer hours worked, and more COVID-19 exposure during the pandemic. It is anticipated that the care economy would continue to employ a significant number of young people, particularly young women. Investments must be undertaken to guarantee that the industry offers chances for decent employment, including developing policies to uphold moral standards that can make the sector more desirable to young people.
The ecosystem must transform, as must all of its stakeholders, in order to meet these needs of the future. Policymakers and philanthropists must work together to make investments that can help lower these vulnerabilities in the future, even though the development sector may lead solutions aimed to help close these gaps today.