New Delhi, Jun 12 (KNN) A comprehensive report by the PHD Chamber of Commerce and Industry (PHDCCI) has underscored the need for accelerating employment generation in India through a focused National Employment Policy.

The chamber has proposed a multi-pronged approach to create over 10 crore jobs by 2030.

According to the PHDCCI report, around 6 crore new jobs should emanate from micro, small and medium enterprises (MSMEs), aided by measures such as handholding support and boosting apprenticeships and internships.

The report envisions another 3 crore employment opportunities from large industrial conglomerates, 1 crore from start-ups, and 25 lakh from government departments and NGOs, including filling vacant positions.

The PHDCCI has advocated for incorporating quarterly targets in the proposed National Employment Policy to enhance employment across sectors.

Other key recommendations include establishing start up incubation and technology development centres with industry involvement at educational institutions, strengthening workforce-absorbing sectors through public-private partnerships, filling all vacant government positions, enhancing university-industry linkages, boosting R&D and innovation, and publishing quarterly labour force data.

The chamber's suggestions come amid persisting challenges in youth unemployment. A recent International Labour Organisation (ILO) report highlighted that India's youth unemployment rate surpassed that of adults, rising from 5.6 per cent in 2000 to nearly 18 per cent in 2018 before easing to 15.1 per cent in 2020.

Unemployment among educated youth has exceeded global averages, the report stated, citing declining labour force participation despite higher educational attainment.

While acknowledging the societal implications of educated youth unemployment, the PHDCCI has emphasised the crucial need for a coordinated national policy to stimulate job creation across sectors.

Previous government surveys have shown fluctuations in unemployment rates, including a spike during the COVID-19 pandemic before a subsequent decline.

As India aims for economic development and a ‘Developed India’ by 2047, addressing employment challenges through collaborative efforts between the government, industry, and educational institutions emerges as a pressing priority.

(KNN Bureau)