Notably, when considering the entire group of young individuals who are employed, it is observed that 75% of them work in private enterprises, while only 16% are engaged in government, public, or autonomous positions. This significant difference highlights the prominent role of the private sector in providing employment opportunities for young people in India.
In 2024, the youth population in India is expected to reach 420 million, accounting for approximately 29% of the total population. Within this group, around 20 million individuals, constituting 5%, are first-time voters in the upcoming election. These young voters hold significant influence over their own futures as well as the future of India.
According to the People Research on India's Consumer Economy (PRICE) survey, 268 million youth, or 64%, reside in rural areas, while 152 million, or 36%, live in urban areas. The survey identified six crucial national priorities for the next five years:
- Ensuring access to high-quality education to develop a skilled workforce.
- Managing inflation to maintain the affordability of essential goods and services.
- Improving healthcare services.
- Enhancing infrastructure to support economic activity and connectivity.
- Creating more job opportunities to make use of the demographic dividend.
- Fostering inclusive economic growth to reduce disparities and ensure equitable distribution of benefits.
These goals address immediate needs while also aiming for sustainable and equitable long-term progress. When asked about their aspirations for the next decade, the top three desires were:
- Increased comfort, such as owning a car, house, and home conveniences (67%).
- Opportunities to pursue personal interests (57%).
- A stress-free, hassle-free, and convenient life (50%).
Other aspirations included higher personal spending (42%), a healthy lifestyle (36%), quality education for themselves and their families (32%), and fulfilling jobs and achievements (22%). These desires reflect a desire for material well-being and personal fulfillment in the coming years.
Today's young Indians are digitally proficient, with connectivity being an essential requirement. A significant majority possess essential digital tools such as bank accounts (84%), Aadhaar identification (96%), and mobile phones (81%). Additionally, approximately two-thirds of them use the internet, and one-third utilize digital payment methods.
Education plays a crucial role in enabling youth to become productive, resourceful, and innovative. Nearly 129 million young Indians (31%) have completed their graduation, around 93 million (22%) have reached the higher secondary level, and 76 million (18%) have completed their matriculation. The segment with primary school education comprises approximately 73 million individuals (17%), while the smallest group consists of 13 million (3%) who are illiterate. Although the illiterate/primary segment is the smallest, it still amounts to a substantial number of approximately 86 million individuals.
Southern states exhibit significantly higher levels of higher education attainment among youth compared to other regions. In Kerala and Tamil Nadu, over 50% of young individuals are graduates or above, while Bihar, Madhya Pradesh, Rajasthan, and Uttar Pradesh have figures as low as 20-22%.
Northern and central states have a higher proportion of youth with only primary-level education, ranging from 20-25%, compared to Kerala, where the figure is only 1%. This regional disparity in educational levels has significant implications. Unless lagging states can address the aspirations of their youth and provide adequate employment and entrepreneurship opportunities with room for upskilling and advancement, this could become a major challenge.
Approximately 168 million (40%) young Indians are earners, contributing about 43% of the total household disposable income. Among them, one-fourth are employed in salaried positions, 37% engage in business activities, 32% work as casual laborers, and 6% are involved in farming and related activities.
Interestingly, among the salaried youth, 75% are employed in private enterprises, while only 16% work in government, public, or autonomous jobs. This disparity highlights the dominance of the private sector as a source of employment for young Indians.
Social security remains a significant concern, particularly for employed youth. Only 40% of salaried youngsters have permanent jobs with contracts from their employers. Additionally, a relatively low proportion of youth are covered under social security schemes, with 32% having provident funds (PF), 18% eligible for gratuity, and only 16% expected to receive a pension upon retirement. Enhancing social security provisions for employed youth is crucial for securing their future.
The Government of India (GoI) has a crucial role to play through policies that prioritize education, healthcare, job creation, skill development, and social security. At the same time, young individuals need to recognize that the next 25 years are crucial for shaping their own futures and the trajectory of the nation. This entails focusing on personal growth, education, active participation in civic endeavors, and entrepreneurship. Collaboration with government initiatives and a commitment to sustainability and inclusion are essential for achieving these goals.
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