India’s biggest advantage, its demographic dividend -- where its working age population is more than its dependent population -- can become its biggest nightmare without sufficient employment avenues. The year 2020 will be known for business shutdowns, layoffs and joblessness due to the pandemic. In December 2020, according to the Centre for Monitoring Indian Economy, India’s unemployment rate was as high as 9.1 per cent. Many expected Union Budget 2021 to take note of this and create ample growth and employment opportunities. The government has tried to do that by increasing spending. An increase in fiscal deficit to 9.5 per cent of gross domestic product (RE FY21) and 6.8 per cent in FY22 shows intention to increase spending and push growth, which will, in turn, create jobs. There is also a 34.5 per cent increase in allocation for roads and railways to `5.54 lakh crore. This comes on top of 137 per cent increase in investment in health and wellbeing to `2.23 lakh crore. Both sectors are major employers.
This story is from the February 21, 2021 edition of Business Today.
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This story is from the February 21, 2021 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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