Forward policies for the development of economy
Our demographic cycle is almost ten to twenty years late as compared to China, Singapore, Taiwan, South Korea. Demographic dividend can be reaped to achieve economic growth by empowering the youth in terms of education, trainning and skills.
Following are the policies which can be undertaken for the development of economy.
a) National Transfer account :To undertake National Transfer Accounts (NTA) which shows India's per capital consumption pattern. It needs to be calculated every year which helps the states to rank for investing in youth.
b) To invest more in children amd adolescants:A complete shift from the secondary education to universal skilling should be undertake, as in South Korea.
c) To make health investments:Health spending should be in pace with the economic growth.
d) Reproductive health care services:There is need to provide universal access to high quality primary education and basic healthcare.
e) Gender differences:This needs to be minimal. In India, boys are more likely to enrolled in secondary education.
f) female workforce :In India, there is great need to increase the female workforce participation in the economy. New skills and opportunities for women and girls benefiting their participation is of great need.
g) Diversity : India needs to address the diversity between states. The differences in age structure creates differences in economic development. This offers opportunities for states to work together especially on demographic dividend.
h) Federal approach :A new federal approach to governance reforms for demographic dividend will need to put in place for policy coordination between states on various emerging population issues such as migration, skilling, urbanisation, ageing etc.
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