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BFSI Chronicle, 11 Edition September2022
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expenses. Legislation should mandatorily authorise wellness is a $9 trillion industry, requiring 100 million
public and private sector employers to reserve health workers in the next 15 years.
part-time vocational jobs for youth studying. The
initiative should involve the Government of India, The construction sector remains big with over 8 per
State Governments, Municipalities, Panchayats and cent share of GDP. It is the largest job-generating
the private sector.A master plan for uniting youth sector after Agriculture. A strong infrastructure push
power to contribute effectively to the $5 trillion goals driven by the public sector increases the investment
sets the process in motion. All sectors of the economy rate in the economy. The multiplier then comes into
must shift from policy to projects, as achieving such play, raising income and consumption levels. Higher
high growth will require unprecedented structural consumption, in turn, induces private investment
changes. Select sectoral initiatives to carve into 100 through the investment accelerator, increasing real
projects. A competent leader with proven skills to GDP growth and keeping inflation low to raise the
lead. The regular bureaucracy would facilitate the standard of living. Enhanced IT understanding in the
project leader’s job, involving youth up to 25 years youth can accomplish India’s export competitiveness.
of age in various projects using their ideas.
The foundation of every nation is the education
With the US and China and the world searching for of its youth. The more skilled the youth, the more
alternative manufacturing countries, the time is ripe prosperous the country is. The pillars of reinvigorating
for India to give a big push to manufacturing by youth capital are available in plenty in India. With
proactively involving youth. Young active hands can youthful energy, domestic manufacturing will move
set up a robust manufacturing ecosystem. Besides up the global technology frontiers. Productivity gains
fabricating the machinery that makes the products, will ensure that output is competitive enough for the
biologics, nanotechnology, integrated circuits, next generation to penetrate world markets to place
embedded systems, and medical imaging devices India in the elite $ 5.0 trillion GDP group of nations.
can also involve youth. Computers, TVs, mobile
phones, telecom equipment, auto components, toys,
furniture, footwear, and apparel need fresh blood
and innovative ideas of youth as they are the biggest
consumers of these products.

The skill and labour-intensive linkage can also absorb
part of the surplus youth from the agriculture or
informal sector. About 70 per cent of India’s exports
come from the manufacturing industry. Modernising
such operations will create global value chains for
exports to a trillion-dollar mark.

Services bring in 56.5 per cent of GDP but create only
30 per cent of jobs. Also, over 40 per cent of the IT
jobs India does will disappear due to automation.
Alternative segments like travel, tourism, and health
can be the other star service sectors. The travel
and tourism sector generated 40 million jobs and “Youth is the trustee of prosperity, as it lives on hope
contributed 10% to GDP. The industry can grow with and not on memories.”
project-driven investments in budget hotels, medical
tourism, and tourist safety. Global healthcare and

The Institute Of Cost Accountants Of India

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