Industrial Policy for Innovation and Employment Creation: Challenges and Way Forward towards Make in India & #AtmaNirbharBharat
The State of Employment – #EmploymentDebate on Industrial Policy for Innovation and Employment Creation: Challenges and Way Forward towards Make in India & #AtmaNirbharBharat by Prof Francis Kuriakose
The State of Employment – #EmploymentDebate
Details of the #WebPolicyTalk:
Date: November 4, 2020; Wednesday
Time: 17:00 IST (GMT+5:30)
Platform: Zoom and Facebook Live
Prof Francis Kuriakose, Assistant Professor, Bharathiar University, Coimbatore, Tamil Nadu; Adviser, Cambridge Development Initiative, University of Cambridge.
His research interests include labour economics, financial markets and innovation. He is currently working on the impact of technology on economic growth. Francis has previously been associated with XIME Bangalore, National Institute of Securities Markets, Mumbai and General Electric (GE), Hyderabad.
Dr Balwant Singh Mehta
Registration and Facebook Live Link:
About the Talk:
The Indian economy was in a state of deceleration well before COVID-19. This can be inferred from the declining trends of four macroeconomic variables by the end of 2019 – quarterly GDP growth rate, industrial output in eight core sectors, gross tax revenue, and demand for electricity. For India, COVID-19 and its long containment exacerbated this situation. The ILO and ADB report ‘Tackling the youth employment crisis in the Asia and the Pacific’ estimates India’s youth unemployment at 32.5 per cent with the loss of 6.1 million full time jobs mainly in agriculture, construction, and retail sectors (ILO and ADB, 2020). It is at this juncture that an industrial policy for India focusing on innovation and employment is discussed.
The fourth industrial revolution is the broader context in which the problem is situated and policy solutions sought. There are three main waves that fourth industrial revolution brings for middle-income countries such as India. The first is automation and its associated job polarization. In India, automation resulted in the change in labour composition as well as decline in labour productivity and labour share in income in medium-high technology manufacturing. The second wave is big data and the opening of new middle-market segments of consumer driven service sectors such as banking, finance and insurance, retail, healthcare and data analytics. The third and the final wave is machine learning and internet-of-things capabilities. The beginning of this wave is already altering innovation spaces, research and development in medium to high-technology manufacturing in India, making them more competitive and export-oriented.
India needs to invest in three broad areas if the objective is to use the fourth industrial revolution to encourage human-centered economic growth. The first is digital and research skilling of the tertiary educated workforce through expansive public and private investment in training. The second is to establish institutional linkages across universities, public and private research centers to encourage marginal innovation by developing new products, processes, and business models. The third is to focus on data governance issues such as localization as part of industrial and innovation policy.
Facebook Live Video: