Engage Youth to target $ 5.0 trillion Economy. “We cannot always build the future for our youth, but we can build our youth for the future.” – Franklin D. Roosevelt.
World Youth Skills Day is celebrated on 15 July yearly to empower the youth with technical education relevant to local and global economies. The day emphasises youth’s pivotal role in a nation’s life.
People make a nation. Progress is the total effort of each individual to the country. The youth of India have always played a pivotal role in shaping India’s destiny- be it the long-fought freedom struggle against colonialism or the mission of women’s emancipation, banishing the bane of the sati and dowry system and modernising India into a progressive society. The enthusiasm of youth now needs a direction to make India hit the target of $5.0 trillion economy.
The youth are the backbone of Indian society contributing 34 per cent of GDP. The share has been consistently improving due to improved opportunities in the enhanced living conditions. The youth is our biggest asset, and due to the sizeable demographic dividend we enjoy, the odds of achieving the target increase with 65% of the population as young. Their orientation to productive skills will propel India to achieve the goal.
The Government drives economic progress as a facilitator. Empowering the youth and giving responsive, transparent and accountable governance and administrative system to flourish can revolutionise the economy. Like in the West, every student above 16 may be permitted to officially work for 20 hours weekly to raise educational and daily expenses. Legislation should mandatorily authorise public and private sector employers to reserve part-time vocational jobs for youth studying. The initiative should involve the Government of India, State Governments, Municipalities, Panchayats and the private sector.
A master plan for uniting youth power to contribute effectively to the $5 trillion goals sets the process in motion. All sectors of the economy must shift from policy to projects, as achieving such high growth will require unprecedented structural changes. Select sectoral initiatives to carve into 100 projects. A competent leader with proven skills to lead. The regular bureaucracy would facilitate the project leader’s job, involving youth up to 25 years of age in various projects using their ideas.
With the US and China and the world searching for alternative manufacturing countries, the time is ripe for India to give a big push to manufacturing by proactively involving youth. Young active hands can set up a robust manufacturing ecosystem. Besides fabricating the machinery that makes the products, biologics, nanotechnology, integrated circuits, embedded systems, and medical imaging devices can also involve youth. Computers, TVs, mobile phones, telecom equipment, auto components, toys, furniture, footwear, and apparel need fresh blood and innovative ideas of youth as they are the biggest consumers of these products.
The skill and labour-intensive linkage can also absorb part of the surplus youth from the agriculture or informal sector. About 70 per cent of India’s exports come from the manufacturing industry. Modernising such operations will create global value chains for exports to a trillion-dollar mark.
Services bring in 56.5 per cent of GDP but create only 30 per cent of jobs. Also, over 40 per cent of the IT jobs India does will disappear due to automation. Alternative segments like travel, tourism, and health can be the other star service sectors. The travel and tourism sector generated 40 million jobs and contributed 10% to GDP. The industry can grow with project-driven investments in budget hotels, medical tourism, and tourist safety. Global healthcare and wellness is a $9 trillion industry, requiring 100 million health workers in the next 15 years.
The construction sector remains big with over 8 per cent share of GDP. It is the largest job-generating sector after Agriculture. A strong infrastructure push driven by the public sector increases the investment rate in the economy. The multiplier then comes into play, raising income and consumption levels. Higher consumption, in turn, induces private investment through the investment accelerator, increasing real GDP growth and keeping inflation low to raise the standard of living. Appreciated currency can also be accommodated through their IT acumen by increasing export competitiveness.
The foundation of every nation is the education of its youth. The more skilled the youth, the more prosperous is the country. The pillars of reinvigorating youth capital are available in plenty in India. With youthful energy, domestic manufacturing will move up the global technology frontiers. Productivity gains will ensure that output is competitive enough for the next generation to penetrate world markets to place India in the elite $ 5.0 trillion GDP group of nations.
“Youth is the trustee of prosperity, as it lives on hope and not on memories.”
-Hargovind Sachdev
