HomeInsideNITI Aayog: Need to address the threat to employment due to technological advancement

NITI Aayog: Need to address the threat to employment due to technological advancement

Reader's Pick

Threat to employment due to technological advancement must be adequately addressed in time, else it can have disastrous repercussions on the country’s future generations, warns NITI Aayog CEO Amitabh Kant.

He says that more than half the Indian population lies below 25 years of age and each year an increasing proportion of young adults will be added to the workforce.

“By estimates of the labour ministry, this would amount to an increment of over 10 million people each year. As per the UN data on world population, the working age population – that is, those between the ages of 15 and 64 – will continue to expand until 2050,” he says.

“In case this burgeoning section of the population is not provided with adequate employment opportunities, India would fail to cash in on a rare opportunity of a demographic dividend,” he warns.

- Advertisement -

According to Kant, if the threat to employment is not immediately addressed, it can have serious repercussions on India’s future generations.

“This has a lot to do with India’s nascent demography,” he writes in the epilogue of a book “The Age of Awakening: The story of the Indian Economy since Independence” by Amit Kapoor with Chirag Yadav.

The book tells India’s economic story since the country gained independence. It unfolds a tale of titanic figures, colossal failures, triumphant breakthroughs and great moral shortcomings.

According to Kant, the conjunction of the prospect of loss in employment due to automation and a young demography looking for jobs might be the biggest challenge that India faces today.

- Advertisement -

“A recent UN report claimed that if industrial robots increasingly undertake manufacturing, developing countries could lose about two-thirds of all jobs. It is imperative that the country makes a break from the past and address the issue before it festers into a crisis of unimaginable proportions,” he writes in the book, published by Penguin Random House India.

Kant argues that India’s current economic situation would have been substantially different had it moved towards freer markets around the time the East Asian economies were beginning to find merits in such an approach.

“But the country failed to keep up with the times until crisis struck,” he says.

Noted economist Bibek Debroy has written the foreword to the book.

“Economists and economic policies fashioned by statesmen and politicians, in consultation with economists, don’t lead anywhere. They do lead somewhere, but not necessarily where one wanted to go,” he says.

According to Debroy, the book captures the trajectory of the past, the promise of the present and, to a more limited extent, the promise of the future.

“The book isn’t a typical economist’s book, since it is also about the interplay between politics and economics. Not about what economists call political economy, but politics and economics.”


Stay on top of Budget 2023 with our newsletter

- Advertisement -

We don’t spam! Read our privacy policy for more info.


Stay on top of Budget 2023 with our newsletter

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($2...

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's do...

1Win App: Review India Apk for Android and iOS

The company 1Win has been successfully operating in the markets of many countri...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sou...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the firs...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rah...

NASA astronauts to carry first ever all-female spacewalk on 29 March

Two NASA astronauts are scheduled to carry out the first ever all-female spacew...

Union Budget 2023: Five Major Changes to the Personal Income Tax Regime

In a major announcement on income tax changes, the government has revealed five...

Union Budget 2023: Infrastructure Investment with Steep Capital Outlay

The Finance Minister, Nirmala Sitharaman, has announced the Union Budget 2023 w...

What Jammu & Kashmir, Ladakh, Northeast & Agritech got from Budget 2023?

Addressing the parliament on the ongoing union budget session, Finance Minister...