The wealth of a nation lies in its people, and in India, 1.4 billion aspirations drive the country’s progress. Over the past decade, the Government of India has made job creation a central focus of its governance, yielding transformational results. However, as with any significant endeavour, there is much to celebrate, but there are challenges that require greater attention in the years to come. India is at a remarkable crossroads. With the largest population in the world and one of the youngest workforces globally, the nation enjoys a unique advantage.

Approximately 68 per cent of its population is of working age. India’s median age is 29.5 years, which starkly contrasts with China’s 39.8 years and the United Kingdom’s 40.6 years. This emphasizes the tremendous potential of a dynamic, innovative, and youthful workforce. This demographic dividend presents a fleeting opportunity that, if effectively harnessed, could propel the country into unprecedented economic growth. Job creation has been a central focus of the government over the past decade, driven by an explicit acknowledgement of its importance for economic development and social stability. The statistics highlight this progress: between 2014 and 2024, India created 17.19 crore more jobs, compared to the previous decade’s creation of just 2.9 crore jobs (2004-14).

Advertisement

Notably, 4.6 crore jobs were added in the year 2023-24 alone, demonstrating the scale and ambition of the government’s policies. These initiatives have been transformative in terms of numbers and their impact on reducing unemployment and increasing workforce participation. The unemployment rate fell from 6 per cent in 2017-18 to 3.2 per cent in 2023-24, while the labour force participation rate rose from 49.8 per........

© The Statesman