It is true that utter lack of formal jobs is creating an upheaval in country which anyone can sense from the increasing demand for job reservations across the nation. Not enough jobs are created for engineers, MBAs, and other graduates, but one can’t really blame the Modi government for this.
There is little job growth for engineers, MBAs, doctors, and CAs. In future there would be strong demand for highly skilled people in AI, automation, cyber security, genomics etc. but only few in the top talent pool will get such jobs. The salary gap will be very large between high skill and low skill jobs.
Even though there is a slow growth in traditional jobs, a big wave of new jobs is coming. Some of these jobs are –
Most of these jobs are created by internet which is making it increasingly easier for anyone with a need to find the right person for solution. If a company needs some one-time modification in its website, it may easily find a freelancer. So, instead of employing someone, it will get the job done at the fraction of that cost. Now, for almost all your needs, you can instantly find a suitable solution provider nearby.
A crisp explanation from Nandan Nilekani on why India needs to focus on services and entrepreneurs
This video shows labor need of textile industry –
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