Unemployment will Become Uncontrollable: World Bank

World Bank President of Indian origin Ajay Banga has warned about the problem of unemployment arising in the world. Ajay Banga has estimated that in the next 10 to 15 years, about 120 crore skilled youth from all over the world will enter the employment market and seek jobs for themselves but employment will be available for only 40 crore, which means 80 crore unemployed will emerge in the world. The Indian subcontinent which includes India, Bangladesh, Pakistan and Nepal has the largest number of youth. Every year 1.2 crore or 120 lakh youth enter the labour market of India alone and seek jobs. Now where will the jobs come from? All these countries have heavy foreign debt. Nowadays, the world’s richest nations are drastically reducing international aid to foreign countries, adhering to the “people first” policy. Furthermore, major powers have imposed war and tensions. Supply channels have become unmanageable, and inflation is spiraling out of control. In such circumstances, how can budgets be found for new development plans and job creation? The World Bank urges these countries to immediately change their economic policies, or else youth rebellion will be the outcome. In such a situation, India’s youth can have a bright future if they receive modern education and ensure 25 to 30 percent female participation in every job, and are paid fairly. If outdated employment policies are not changed, the already high unemployment in South Asia will only increase. Therefore, the World Bank’s warning is timely, urging India to transform its education system to make its youth more employable. Additionally, the public sector’s importance must continually grow to address the country’s core problems. The truth is, this hasn’t happened in the country. In recent years, the private sector has been prioritized to achieve rapid economic growth. Considering this warning from the World Bank, it seems this priority will have to change. Public investment and the public sector must be given due importance again to increase employment, but special attention must be paid to the need for coordination and balance between private and public partnerships.