article source: businesstoday.in
overview: Viswanath P.S - MD & CEO, Randstad India to discuss how Union Budget 2023 can unlock talent in India.
India is not only young nation, its greatest asset is its demographic dividend. The Budget should recognize and reward this.
It is certainly an ‘if’, but not an impossible one. For you see, in a rapidly aging world, India remains young — and this opens an extraordinary opportunity. According to the UN Population Statistics database, India is set to add another 183 million people to the working age group (aged 15-64 years) between 2020 and 2050. When we do the math, we realise that a huge 22 per cent of the growing global workforce over the next 30 years will come from India.
For decades, the Indian labour market has not quite lived up to its potential — in spite of a strong economic growth between 2004 and 2018 (CAGR of 7 per cent), and employment growth at a CAGR of 5 percent during the same period. Post-pandemic, the labour market recovery has been fragmented across industries and sectors. While the return of salaried jobs has been gradual, there has been a rise in employment amongst small traders, wage labourers, and farmers — and in self-employment.