Answer:

Introduction:

India is often hailed for its demographic dividend, referring to the large and young workforce that has the potential to drive economic growth and innovation. However, despite this potential, India faces a significant challenge of employability, meaning the capability of its workforce to be employed in meaningful and productive roles. 

Body:

Ignoring Dropping Rates of Employability:

• Skill Mismatch:
  • A study by Aspiring Minds found that 80% of engineering graduates in India are not employable in the knowledge economy (Survey by NASSCOM)
• Lack of Practical Experience:
  • Many graduates, despite having theoretical knowledge, lack practical experience and skills required for specific jobs.
• Outdated Education System:
  • The curriculum in many educational institutions does not align with the requirements of the current job market.

Impact of Ignoring Employability:

• Increased Unemployment:
  • Despite having a large educated population, India’s unemployment rate reached a record high of 7.6% in 2020 (As per CMIE SURVEY)
• Lower Productivity:
  • Employers have to spend time and resources on training new recruits, which impacts productivity and competitiveness.
• Economic Underperformance:
  • Despite having a large and young population, India’s GDP growth has been inconsistent and below potential.

Where Will the Jobs Come From?

• Promoting Entrepreneurship:
  • The Government of India’s ‘Start-up India’ initiative aims to promote entrepreneurship and create more job opportunities.
• Skill Development:
  • The ‘Pradhan Mantri Kaushal Vikas Yojana’ aims to enable a large number of Indian youth to take up industry-relevant skill training to help secure a better livelihood
  • EXPLORING
• Investing in New Technologies:
  • Investing in sectors like Information Technology, Renewable Energy, and Biotechnology can create new job opportunities.
• Enhancing Manufacturing Sector:
  • The ‘Make in India’ initiative aims to transform India into a global manufacturing hub, thereby creating more jobs.

Conclusion: 

While India’s demographic dividend is indeed a potential advantage, ignoring the dropping rates of employability will lead to a crisis of unemployment, lower productivity, and economic underperformance. It is crucial to address the skill mismatch, promote entrepreneurship, invest in new technologies, and enhance the manufacturing sector to create the jobs that India desperately needs. A multi-pronged approach involving the government, private sector, and educational institutions is necessary to harness the full potential of India’s demographic dividend.