Modelling the challenges of youth employment: A key to reap demographic dividend

Growth and development in the past used synonymously in economic discussion and this remained acceptable. Growth is a quantitative term and implies more output, while development is a process, whereby the real per capita income increase is accompanied by reduction in the inequalities and satisfaction of the preferences of the masses. Progress means an improvement in economic welfare and it is linked with the consumption level. Development must represent the entire gamut of change by which the entire social system changes for the better. In fact output is a function of inputs (whatever is purchased by a producing unit that is primary inputs which do not lose their identity in the production prices and the secondary inputs which lose their identity in the process). The Institute for Human Development (IHD) and the International Labour organisation published the India Employment report on March 26, 2024, which highlighted the challenges of youth employments broader trends in the Indian Labour market, making growth and production more employment intensive, improving employment quality strengthening skills and bridging gap in the labour market patterns. There is large population of youth (particularly of women) who are not in employment, education and training (NEET) they are working force but are not in labour force (48.4% v/s 9.8% for young men). Demographic dividend could only be reaped, if our policy is to increase joyful and joyful employment policy for Indian youth, which could be possible by bridging the knowledge and skill gaps that helps in enhancing employability. Hence, growth is necessary but not the sufficient. Condition of sufficiency could only be satisfied when there is job for all, there is no poverty, no inequality and that result in fulfilment of basic needs of all. Our attempt as a researcher is to examine the present structure of work force, labour force and labour participation rate via modelling and then analyse statistically to reach the conclusion and findings.