New Delhi, October 12: Prime Minister Narendra Modi delivered a message of optimism and progress on Thursday, highlighting India’s burgeoning economy and the remarkable reduction in the country’s unemployment rate over the past six years.
In a video message to the Kaushal Deekshant Samaroh organized by the Ministry of Skill Development and Entrepreneurship, the Prime Minister emphasized the boundless opportunities unfolding for the youth as India’s economy continues to expand. He underscored the significant milestone of reaching the lowest unemployment rate in the past six years, as per a recent survey.
Prime Minister Modi celebrated the rapid decline in unemployment, both in rural and urban areas, emphasizing that the fruits of development now reach every corner of the country, benefiting both villages and cities alike. He credited this progress to the substantial increase in the participation of women in India’s workforce, an outcome of various schemes and campaigns promoting women’s empowerment implemented in recent years.
Reflecting on the government’s commitment to skill development, Prime Minister Modi highlighted the establishment of a dedicated ministry for skill development and the allocation of a separate budget to support this critical sector.
He stressed the importance of skilling, upskilling, and re-skilling to meet the evolving demands and nature of jobs. The Prime Minister emphasized the need for industry, research, and skill development institutions to stay aligned with current trends, while noting the significant expansion of Industrial Training Institutes (ITIs) in the country. Over the past nine years, approximately 5,000 new ITIs have been established, offering more than 4 lakh new ITI seats. These institutes are being transformed into model ITIs, providing top-quality training and best practices.
Prime Minister Modi expressed that India is now investing more than ever in the skills of its youth, highlighting the Pradhan Mantri Kaushal Vikas Yojana, which has strengthened the nation’s youth at the grassroots level. To further enhance employment opportunities, new skill centers are being set up near industrial clusters, facilitating collaboration between industries and skill development institutions to ensure the youth acquire the necessary skills.
With a vision of making India the world’s largest source of skilled manpower, Prime Minister Modi underlined the importance of providing smart and skilled solutions. He cited recent figures from the International Monetary Fund (IMF), confirming India’s position as the fastest-growing major economy in the years to come. The Prime Minister reiterated his goal of placing India among the world’s top three economies, a vision also endorsed by the IMF. This achievement, he emphasized, will generate abundant employment and self-employment opportunities in the nation.
Prime Minister Modi enthusiastically stated that the world now acknowledges that this century belongs to India, giving credit to the country’s young population. While the elderly population is increasing in many parts of the world, India continues to get younger with each passing day. India’s youthful population is a significant asset that the world is looking to for its skilled workforce. Prime Minister Modi encouraged seizing every opportunity created and assured the government’s unwavering support.
He underscored the power of youth in harnessing a country’s strengths, such as its natural resources, mineral wealth, and extensive coastlines. A country thrives when its youth population is robust, making the best use of the nation’s resources. India’s youth, he noted, are driving unprecedented advancements across the entire ecosystem.
Prime Minister Modi detailed the dual approach India is pursuing to empower its youth. First, the nation is preparing its youth to take advantage of emerging opportunities through skill development and education, which is exemplified by the new National Education Policy after nearly four decades. Second, the government is bolstering traditional sectors that offer employment while promoting new sectors that encourage entrepreneurship and job creation.
He noted India’s record-breaking achievements in various sectors, including exports of goods, mobiles, electronics, services, defense, and manufacturing. Additionally, the Prime Minister highlighted the numerous new opportunities for the youth in emerging fields such as space, startups, drones, animation, electric vehicles, semiconductors, and more.
Prime Minister Modi revealed that India’s proposal for global skill mapping had been recently accepted at the G20 Summit, ensuring enhanced opportunities for the youth in the times ahead.
The Indian unemployment rate for individuals aged 15 years and above was reported at a six-year low of 3.2 percent during the period of July 2022 to June 2023, according to the Periodic Labor Force Survey Annual Report 2022-2023 released by the National Sample Survey Office this week. The unemployment rate represents the percentage of unemployed persons within the labor force. To provide more frequent labor force data, the NSSO launched the Periodic Labor Force Survey (PLFS) in April 2017.
