India's Unlock 1.0: Urgent Need for Social Security and Job Creation
As India progresses into Unlock 1.0, the pandemic has highlighted the urgent necessity for a robust social security net to safeguard workers in the unorganized sector, who constitute 80% of the country's workforce. Meanwhile, investments in rural health and infrastructure, coupled with bolstering digital programs, can stimulate job creation and economic growth.
The initial phase of Unlock has witnessed key organizations like the Indian Atomic Energy Commission, NPCIL, NTPC, and the India Semiconductor Mission pledge to revive economic drivers and foster self-reliance. As economic activity resumes, rebuilding lives and livelihoods should be the primary focus. This encompasses bolstering e-education and e-healthcare systems, as well as augmenting attention to R&D. Reverse migration presents an opportunity to create more geographically dispersed development models and redefine investment priorities across sectors such as allied products, food processing, coal and mining, and traditional Indian handicrafts.
To navigate the high uncertainty confronting the economy, daring and innovative measures are required to achieve inclusive, sustainable growth. This includes elevating public health expenditure to at least 3% of GDP and fortifying immunity through enhanced nutrition, maternal, and child care. Formalizing the economy through labor and regulatory reforms can also generate greater employment and encourage small enterprises.
The present scenario offers an opportunity to intensify efforts in climate change mitigation and restore Mother Nature's balance. As India strives to restart growth and invigorate its economy, tackling these challenges will be pivotal for a sustainable and flourishing future.
