As per recent news reports, India is not able to create enough jobs for the youth. The situation will turn from bad to worse in the days ahead as more and more people are entering into the job market and there are not enough jobs. Now, we already have problems of underemployment in our economy. We have plenty of examples in our immediate circles as well, where people from top engineering colleges sit for clerical level exams just to get the "govt. job" tag. This hits the economy at various levels. One of them is that talented people do not perform to their fullest and this impacts the GDP negatively.
In a recent interview, a cabinet minister has vociferously put forward a fact that the nature of the job market is changing fast and we need more job creators than job seekers. Though this point is true, but can India with its present educational architecture churn out enough entrepreneurs? Also, this is a long term solution. What about the present working age population?
So what should the government do, specially at a time when private investment is not picking up for various reasons and people are getting pink slipped at their employers own sweet will. One of them is hardcore socialism. Government should create more government job vacancies and increase the age limit of present jobs as well. It should come up with more PSUs, akin to pre liberalization era and absorb as many "fit people" as possible. Simultaneously, the govt should try to change our education system holistically so that students get an entrepreneurial environment from a very early age. I believe our present educational architecture is fit to churn out good industrial workers, but not leaders/thinkers/entrepreneurs as risk taking is still a taboo in our culture. People are scared to drop out and start their own ventures, this is also the reason why so many people seek govt jobs.
I may be completely wrong in my analysis here. So I want to read some constructive comments/criticisms/analysis on this topic, which directly affects us all.
You'll float too!