India’s missing jobs

So many job positions open, so many people unemployed. This is a peculiar conundrum that dogs the Indian economy today. The fact remains that these are symptomatic of the opportunities for employment that are going abegging. Our collective understanding of the labour market in India has made marked progress over the last several years. Most agree that the labyrinthine and obsolete web of labour regulations need to be simplified. Received wisdom today correctly identifies better matching, improved skills, financing for training and ultimately universal primary education as underlying drivers of an improved labour market. The National Skill Development Corporation (NSDC) that I critiqued for speed in a column a year ago has materially increased its pace in handing out loans (though not equity). Slowly but surely some things are happening across labour market verticals.

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