The only mantra | The Indian Express

The only mantra | The Indian Express

Written by Manish Sabharwal |Updated: June 8, 2019 12:05:42 am

The writer is chairman, Teamlease Services.

The only mantra

Policy must pray to one god — formal jobs.

All jobs change lives in ways that no subsidy can but formal jobs in formal enterprises have many externalities. (Representational Image)

The Bhagwad Gita has important advice for policy entrepreneurs: “What lies between us and our greatest goals are not obstacles, but clearer paths to lesser goals.” Jobs are a lesser goal than wages. India’s problem is not unemployment — this has bounced in the low and narrow range of 4-7 per cent for 50 years — but employed poverty. Our traditional labour market shock absorbers — farm employment and self-employment — are dying because kids born after 1991 are unaccepting of self-exploitation and recognise the wage premiums, identity, dignity, soft skills, apprenticeship effect, and financial inclusion of formal jobs. I’d like to make the case that policy should pray to one god — formal jobs. And since goals decide strategy, our focus areas become clear.