India has made great progress in recent years as one of the world’s fastest-growing economies. However, economic development cannot be used as the sole indicator of a country’s wealth. A vibrant employment ecosystem that provides quality jobs and rising pay is required for genuine socio-economic growth.
Quality of Jobs
The quest for high-quality jobs is at the center of every job seeker’s ambitions. But what precisely is a quality job? It includes aspects like job stability, work-life balance, skill development opportunities, and access to basic benefits such as healthcare and retirement plans, in addition to income.
A spike in high-quality job prospects benefits the workforce’s emotional well-being by establishing a sense of pride and purpose in their professional activities. It fosters loyalty and dedication to their employers which leads to creating a healthy relationship between the employees and employers. Increased productivity is a result of the same.
Quality jobs also foster learning and most individuals, especially the youth nowadays, have room for personal and professional growth as a major determinant for applying for a job.
High Employment Rates and Economic Prosperity
The link between economic growth and labor-force participation is evident. A strong economy fosters a climate conducive to corporate growth, resulting in an increase in job possibilities across industries. As firms grow, there is a greater demand for skilled and unskilled workers, lowering unemployment rates.
India is one of the fastest-growing economies with a large amount of job-seeking demographic needs to take employment rates into consideration. The country’s employment rate is currently at 36.9%. This virtuous cycle of economic growth and employment allows the public to actively participate in the country’s prosperity. Furthermore, as consumers gain purchasing power, they consume more, promoting further economic expansion.
To make the population employable, one must take into consideration the skill development of the population. The need for a trained workforce has grown critical in an ever-changing global landscape. Skill development efforts are critical in properly equipping individuals to meet the needs of the employment market. Potential employees are equipped with the skills and information needed to flourish in their chosen industries when training programs are aligned with industry needs.
The positive impact of skill development is twofold– it improves employability, resulting in lower unemployment rates, and it assists employers in finding the proper talent, increasing the quality of jobs available in the market.
Increased Wages
Rising salaries operate as a spark for a cascade of beneficial results. The standard of living of individuals improves when their wages rise, pulling them out of poverty and allowing them to meet basic needs such as education, healthcare, and housing. As a result, the workforce becomes healthier and more productive. The average wage earned by a male casual laborer in rural areas in India was about 392 INR per day. Female laborers receive lesser wages amounting to 265 INR per day.
Higher earnings boost consumer spending, driving demand for products and services from a macroeconomic standpoint. Businesses flourish as a result of this increased demand, creating new job opportunities and maintaining a circle of prosperity. Increased wages partake in the virtuous cycle of economic growth and employment.
Another way we can make the economic landscape a thriving platform is by fostering more inclusive approaches. The undertones of discrimination in India for caste, religion, gender, and sexual orientation still remain and it is imperative to make these differences irrelevant in order for us to move forward. It creates social cohesion and is a way to utilize everyone’s talents which is undoubtedly beneficial to the country from an economic perspective. It is another step that India requires to take in order to climb up in the ladder leading towards becoming a global leader.
Conclusion
As India soars to new heights, the pursuit of quality jobs and rising incomes emerges as the nation’s elixir of employment rates. A focus on skill development, economic growth, and inclusion will create a virtuous cycle, empowering the workforce and moving India forward.
India can establish a robust and thriving economy by cultivating a climate that stimulates job creation, invests in skill development like Smile Foundation’s livelihood initiative, STeP (Smile Twin e-Learning Programme), and rewards hard/smart work with fair compensation.
As we work together to achieve this objective, let’s keep in mind that the true meaning of success is not simply economic numbers, but tangible improvements in the lives of the people who call India home.
