Universal Basic Income and the Future of Employment in India
Understanding the Impacts of Job Growth Decline
The International Labour Organization (ILO) reports a significant decrease in jobs growth globally, and India is not exempt from these trends. With 83% of the unemployed being youth, the idea of implementing Universal Basic Income (UBI) is becoming increasingly relevant.
Addressing Inequality and Employment Challenges
The recent rise in inequality, coupled with continued technological advancements, demands innovative solutions. UBI could play a vital role in offering financial stability amidst job insecurity fueled by a surge in automation and the use of artificial intelligence.
Potential Benefits of UBI in India
- Reduction in Poverty: UBI could directly support the impoverished and reduce economic disparity.
- Encouragement of Social Security: A shift towards a more equitable solution for the employed and unemployed.
- Boosting Economic Activity: Increased spending power can drive up demand.
Moving Forward: Policy Implications
As we evaluate the World Employment and Social Outlook, it becomes evident that India's policy frameworks must adapt to these emerging realities. Implementing UBI could fundamentally reshape labor policies to better serve the population in the face of automation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.