Answer:

Introduction:

India is often lauded for its demographic dividend, with more than half of its population below the age of 25 and two-thirds below 35. This young population holds immense potential to drive economic growth. However, this boon can be a bane if not leveraged effectively. A young population without requisite employment can lead to economic and social issues. 

Body:

Employability vs. Demographic Dividend:

While a young population represents potential, its actual benefit is realized only when the youth are productively employed. This brings us to the dichotomy of having a vast young populace on one side and the challenge of dropping employability rates on the other.

• Higher Education and Unemployment Paradox: 
  • One of the striking highlights of the report is the staggering unemployment rate of 42.3% among graduates under 25. 
  • This indicates a misalignment between education and job market demands. 
  • For instance, 
    • The curriculum in many educational institutions may not be updated to match industry requirements, leading to a skills gap.
    • An IT graduate might lack skills in emerging fields like Artificial Intelligence or Blockchain due to outdated syllabi.
• Gender Disparities: 
  • The report notes a reduction in gender-based earnings disparities. However, the gap still persists. 
  • Moreover, the increased workforce participation of women post-pandemic predominantly in self-employment, coupled with reduced earnings, underlines the vulnerability women face in the labor market.
    • For example, women might have resorted to home-based businesses during the pandemic, but due to economic constraints, their earnings might have reduced, reflecting the harsh impact of the pandemic.
• Caste Dynamics and Employment: 
  • Intergenerational mobility shows an upward trend, signifying socio-economic progress. However, this mobility is not uniform across castes. 
  • SC/ST workers face challenges transitioning to formal or salaried jobs compared to their general caste counterparts.
    • For instance, the report highlights that a significant percentage of SC workers are still involved in casual employment compared to general caste workers.
• Economic Growth and Job Creation: 
  • A worrying trend is the diminishing capacity to generate jobs even as GDP grows. 
  • This indicates a disconnect between economic policies and employment generation.
• Informality of Salaried Work:
  • The aspiration for salaried employment often meets the grim reality of informal jobs, which lack proper contracts and benefits.
  • For example,  person might get a job in a manufacturing unit with a monthly salary, but without any written contract, health benefits, or job security.

Source of Future Jobs:

• Government Initiatives: 
  • The government has launched various schemes such as PM-DAKSH, PMKVY, and MGNREGA, aiming to enhance skills, provide employment opportunities, and support entrepreneurial ventures.
  • For example: The Start-Up India Scheme encourages young entrepreneurs to establish new businesses, leading to job creation.
• Private Sector and FDI: 
  • Policies encouraging Foreign Direct Investment (FDI) and private sector growth can lead to increased job opportunities.
• Emerging Sectors: 
  • Sectors like renewable energy, e-commerce, and health technology are booming and can be substantial sources of employment in the future.

Conclusion:

India’s demographic advantage can be a double-edged sword. While on the one hand, it offers a unique advantage in terms of potential human capital, on the other, it presents a massive challenge of ensuring quality employment opportunities for this burgeoning workforce. To truly harness this demographic dividend, a multi-pronged approach involving policy interventions, educational reforms, and public-private partnerships is imperative. Only then can the nation ensure that its youth are not just numbers but active contributors to its growth story.