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07/01/2022 - Economy

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January 07, 2022

Practical training and imparting right skills matters in one of the most advanced economies like India. Elaborate (200 Words)

Refer - Financial Express

Enrich the answer from other sources, if the question demands.

3 comments
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IAS Parliament 14 days

KEY POINTS

·        India is a highly stratified society, and economic inequality has been increasing. There is naturally and deservedly a lot of attention on the bottom rungs of society and the economy.

·        Firms can potentially be successful global competitors, and will likely provide more employment and more balanced domestic competition than further success for India’s handful of giant business houses.

·        For this to happen, India needs to improve connections to global production networks, improve financing conditions, and reduce some regulatory burdens. Each of these is a complex set of tasks, and will require sustained attention and careful policy design.

·        Inadequate skilled labour is also a major constraint, and can lead to substitution of machines or more automated processes for workers. India’s education system reflects its society—highly stratified.

·        VET is supposed to help students enter the workforce when a standard high school education is not enough, or a college education is out of reach.

·        Entrepreneurship has recently become a hot academic topic, but perhaps it needs to be grounded in specific technological and market trends.

·        Of course, India needs more large factories that will employ thousands of workers each. But it also needs small firms that will be productive and will grow, not to be giants, but to be successful in the long run. 

K. V. A 17 days

Kindly review

IAS Parliament 15 days

Good attempt. Keep Writing.

Raj 18 days

Kindly review, Thanks

IAS Parliament 15 days

Good attempt. Try to tstick toword lmit. Keep Writing.

Raj 14 days

Thanks

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