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Economic policy on job creation UPSC NOTE

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  Shift in Economic Policy The Indian government is shifting from GDP growth to job creation as a primary economic focus. Employment Linked...

 Shift in Economic Policy

  • The Indian government is shifting from GDP growth to job creation as a primary economic focus.

  • Employment Linked Incentive (ELI) Scheme aims to provide financial incentives to companies for each new employee they hire.

Previous Initiatives

  • Past strategies included the trickle-down model, hoping GDP growth would naturally lead to job creation.

  • Previous efforts like "Make in India," corporate tax cuts, and the Production Linked Incentive (PLI) scheme did not lead to significant job creation.

ELI Scheme

  • ELI directly incentivizes companies to hire more workers by lowering the cost of labor.

  • ELI complements the PLI scheme; while PLI encourages production, ELI focuses on job creation at the workforce level.

  • ELI signifies a move from indirect economic incentives to direct job creation incentives

  • ELI aims to influence firm decisions, making labor more attractive compared to automation.

  • By encouraging companies to hire rather than automate, ELI has the potential to boost overall job numbers.

  • Criticisms: Some economists argue ELI may reduce productivity and global competitiveness, but current models prioritizing capital over labor are deemed unsustainable

Implications

  • ELI is seen as a concrete step to address the lack of jobs and balance the capital-labor dynamic.

  • The scheme responds to political and societal pressures for job creation, especially in light of proposals like reserving jobs for locals.

  • ELI marks a transition from trickle-down economics to direct, bottom-up job creation strategies.

  • The shift reflects a broader recognition that previous models of economic growth did not effectively translate into job creation.

Overall Strategy

  • The focus is on improving living standards through direct job creation rather than solely on economic output.

  • ELI aims to counterbalance the trend of increased automation by making labor more economically viable.

  • While ELI may not solve all job creation issues, it is a step towards more effective job policies

  • Despite its origins in political proposals, ELI's adoption reflects a non-partisan commitment to addressing economic challenges.

  • The success of ELI will be evaluated based on its ability to stimulate job growth and correct the imbalances of previous economic models.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Economic policy on job creation UPSC NOTE
Economic policy on job creation UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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