India suffers from many social as well as economic challenges. Perhaps the most important of them is the youth unemployment. It is expected that Make in India may tackle unemployment puzzle. In 2014, youth unemployment rate was 18.1% and it reduced to 12.9% in 2013. Considering the population, 12.9% means around 13 crore youths are unemployed . This is largely the result of a supply driven education system as opposed to demand driven one that is responsive to industry needs.
The Central government’s renewed push to manufacturing through its Make in India programme to start generating new employment opportunities in the next few months. Government of India hopes to create a 100 million new jobs by 2022 with participation of private companies. Prime Minister Modi takes special consideration about skill development in India. The plan to create 100 smart cities is also expected to fuel job growth.
Make in India aims to transform India into a global hub of manufacturing, whose share in GDP would rise to 25 per cent by 2022. It has identified 25 sectors that would get special attention and support from the government to boost investments. Skilled workers are required in design and engineering, project planning, distribution, trading and regulatory, renewable energy and manufacturing. Talent in many of these areas is still untapped.
Modi inaugurated ‘Make In India’ week in Mumbai
Prime Minister Narendra Modi inaugurated the ‘Make in India’ week in Mumbai on 13th February. The event
provides a huge opportunity for the nation to exhibit its untapped potential and attract billions of dollars in investments from domestic and global majors. Over 2,500 international and 8,000 domestic companies are participating in the week-long multi-sectoral industrial event, which will be attended by foreign government delegations from 68 countries and business teams from 72 nations.
PM Modi said – ” We want to present to the world the enormous opportunities that India presents. This is the best time to be in India, even better to ‘Make in India’. “