Rethinking India’s Industrial Strategy for Superior Job Creation
Introduction
The analysis of India’s manufacturing sector employment data from FY2017 to FY2023 shows a troubling trend. The pandemic has led to a significant drop in absorption rates.
Decline in Manufacturing Employment
- The number of jobs in the sector declined from 51.31 million during pre-pandemic times.
- The need for reforms to adapt to these challenges is pressing.
Need for Policy Revisions
There is a critical emphasis on revamping industrial policies to focus on creating 'good' quality jobs. These jobs should be stable and sustainable, capable of resisting future economic disruptions.
Conclusion
In summary, India must engage in a strategic overhaul of its industrial policies to face current employment challenges effectively, ensuring robust job creation in the manufacturing sector.
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.