News By/Courtesy: Muskan Chanda | 26 Jul 2020 17:10pm IST

HIGHLIGHTS

  • COVID-19 and the nationwide lockdown has resulted in humongous job loss.
  • This crisis is going to lead to massive job losses and furloughs, and young people are likely to bear the brunt.
  • The government should provide a loan relief package, deferring the loan repayment for unemplo yment graduates of 2018/ 2019, by at least two years.

“India, a youthful nation known for its innovative zeal, can take the lead in providing a new work culture,” Prime Minister Narendra Modi said in a post on LinkedIn, appealing for developing business models that attach primacy to care for the poor, the most vulnerable as well as the planet. “Rather than playing catch up, India must be ahead of the curve in the post-COVID-19 world. Let us think about how our people, our skill sets, our core capabilities can be used in doing so,” the PM said. He said the next big ideas from India should find global relevance and application.
COVID-19 and the nationwide lockdown has resulted in humongous job loss. Data from CMIE’s Consumer Pyramids Household Survey reveals that youngsters (20-24 years) accounted for 8.5% of the total employed persons in the country, in 2019-20. However, they accounted for 11% of those who lost jobs. Over 1.3 crore youngsters lost their jobs in the lockdown. Another 1.4 crore jobs were lost in the age-group of 25-29 years.

In the short term, this crisis is going to lead to massive job losses and furloughs, and young people are likely to bear the brunt. Even before the crisis, youth unemployment was a big headache for leaders across the world.

The government should provide a loan relief package, deferring the loan repayment for unemployment graduates of 2018/ 2019, by at least two years.

As of 2019, the central government’s expenditure on education stood at 3% of India's GDP, but in comparison, the OECD countries on average spent 11% of their GDP on education.


The second intervention would be to focus on ramping up our skills training and vocational training initiatives. While India is struggling to find employment for its youth, companies are struggling to find people with the right skills.

It is high time India emulates successful global models of skills education – such as those in Germany and the UK. Germany, through its Vocational Education and Training (VET) program, has managed to maintain one of the lowest unemployment rates in the world. The government could adopt elements of the German VET system for the Indian situation.

In the long term, we need a paradigm shift in our education system. We need our schools and universities to emphasize critical thinking, creativity, communication skills, and emotional skills (EQ). Our rural education centers lack quality – over the past one decade, only 25% of children enrolled in Class V could read simple English sentences, and only 26.1% of children enrolled in Class V could do basic arithmetic.



People should reskill and upskill themselves to find new jobs. A shift in job patterns is imminent. A lot of work-related conferences will move online. Online grocery delivery has seen significant demand increase during the lockdown, and it will continue, because many people would prefer not to go to supermarkets, due to fear as well as the inconvenience. Kirana stores will be digitized further.
COVID-19 has, therefore, created a huge scope for a paradigm shift in youth employability and empowerment.

 

This article does not intend to hurt the sentiments of any individual, community, sect, or religion etcetera. This article is based purely on the author's personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.

Section Editor: Pushpit Singh | 26 Jul 2020 17:36pm IST


Tags : #studentnews #unemployment #covidimpact

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