New Delhi (Agency): Esteemed BJP legislator Jayant Sinha voiced concern over India’s current pace of formal job creation, deeming it insufficient to meet the country’s vast demand. Sinha, while addressing a youth conclave organized by the IMC Chamber of Commerce on Wednesday, stressed the need for India to focus on developing high-quality employment opportunities.
Sinha, the Member of Parliament from Hazaribagh, highlighted the increasing challenge of creating superior jobs amid the dawn of technologies like artificial intelligence and machine learning. These innovations are often perceived as “job diminishing” forces, making the need for proactive employment solutions even more urgent.
“We… need to do a much better job of creating high-quality employment for our young people… we have to be able to create high-quality, formal jobs very, very quickly and that rate is not sufficient right now,” stated Sinha, a former Union minister. His comments reveal an acute awareness of the changing technological landscape and its potential impact on employment.
Sinha reminded his audience that India, with over a billion people within the working age range of 18-64 years, is expecting to add more than 200 million individuals to the workforce in the coming decade. This looming reality underscores the significance and urgency of enhancing job creation.
Drawing attention to the aspirations of the Indian populace, he expressed, “When you ask people in rural India, in tier III, IV cities, they all want formal, high-quality jobs. And we are not creating enough high-quality jobs for them,” indicating a gap between what is desired and what is currently available.
In an interesting turn, Sinha questioned the validity of the traditional ‘farm-to-factory’ model, centered around industrialization and urbanization. This model, which has worked since the industrial revolution and driven economies from the UK to China, may not be suitable for India’s future, according to Sinha. He insisted that India needs to forge its own growth model, one emphasizing sustainability.
If India is to tread the path of sustainable prosperity, it must undergo “rapid and transformational adjustments,” not just in energy systems, but across the entire economy, he added. To bend the climate change curve fast enough to meet the net-zero commitment by 2070, substantial investments will be necessary.
Sinha suggested the corporate sector must play an active role in this transformation. He shared that currently, the top-500 listed companies invest around USD 65-70 billion per year on sustainability efforts. To achieve net zero by 2070, and bend the climate change curve, these investments will need to “immediately” double, marking a clear call to action for the Indian corporate sector.
