(MENAFN) A recent report by the Observer Research Foundation (ORF) has projected a promising outlook for India's employment scenario, forecasting a significant decrease in the unemployment rate from 4.47 percent to 3.68 percent by the year 2028. The report, titled "India Employment Outlook 2030," emphasizes the pivotal role of the service sector in driving job creation as the country strides towards achieving its ambitious goal of becoming a USD5 trillion economy by 2027.
According to the ORF analysis, the service sector is poised to spearhead job growth, propelled by robust economic expansion. With India's GDP projected to surge towards the USD5 trillion mark, employment opportunities are expected to increase by 22 percent, fueling optimism about the nation's economic trajectory. To realize this potential, sustaining the current growth momentum is imperative, with India recently recording an impressive GDP growth rate of 8.4 percent in the third quarter of the 2023-24 financial year.
The report underscores the transformative impact of India's emergence as the world's fastest-growing large economy in the wake of the Covid-19 pandemic. It identifies key sectors within the service industry, including digital, financial, health, hospitality, consumer retail, renewable energy, and e-commerce, as potential drivers of job creation, capable of generating over 100 million new jobs by 2030.
Central to India's economic expansion is its youthful demographic dividend, with the country's young population viewed as a catalyst for sustained growth. The report highlights the aspirations of the 600 million individuals aged between 18 and 35, identifying them as crucial engines of growth for the future. Harnessing the potential of this demographic cohort requires concerted efforts from policymakers and stakeholders to address employability and skill gaps effectively.
Nilanjan Ghosh, a director at ORF and one of the authors of the report, emphasizes the importance of collaboration between policymakers, public sector schemes, and other stakeholders in identifying and bridging skill gaps to unlock the full potential of India's workforce. By aligning strategic initiatives with the aspirations and capabilities of its youth, India can navigate towards a future marked by inclusive growth, job creation, and economic prosperity.
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