The robust and consistent growth of the Indian economy at more than 8% after very many long years is certainly something special to cherish. The Indian population, once considered less productive and a threat to development, has become an asset and a driving force in achieving today's growth of this great nation. The service sector-driven growth with substantial contribution from IT and ITES sectors speaks volumes about the invaluable role played by the human resources. A recent assertion by Union Finance Minister, P Chidambaram about the buoyancy of the economy that is poised to surpass the 8.5% growth in this fiscal sends positive signals down the line and builds confidence among the players and stakeholders.
However, the sustainability of the growth and development, and competitiveness of India in the global market are always a subject matter of discussion and debate in spite of availability of various positive factors in abundance. An attempt is made here to look at the issues of employment and competitiveness from the HR perspective.
It
is but natural that as the economy is growing, employment
opportunities are also growing. The total number of workers
in the Indian economy is about 457 million and some estimates
point out that 50% them are self-employed. A good news for
the job-seekers to cheer is that C Rangarajan, a Leading Economist
of the country, in his article, published in The Hindu,
on October 23 last, estimated that with 9% GDP growth under
the very conservative assumption (about elasticities), the
economy would reach a level where the workforce would match
the labor force within a short period, thus eliminating unemployment.
This morale-boosting observation is further reflected in some
sector's specific employment growth estimates/studies that
reveal and confirm the future prospects of employment opportunities.
The Federation of Indian Chambers of Commerce and Industry
(FICCI) has projected that healthcare sector will face shortage
of over 4 lakh doctors and 12 lakh nurses by 2010. |
