Employment generation mechanism
Now the crisis is increasing due to the increasing number of COVID cases. Lockdown status is changing. Migration is increasing. The movement of people is increasing, most of the people are leaving the place of employment. People are not certain about their jobs. Industries fear to start for want of labour and market. Everywhere sense of insecurity, especially in the private sector prevailing at large scale.
Now everybody is asking, what next?
Experts believe that India’s growth rate will go down drastically. Unemployment figures will go high which were never seen before. Factories will close down because of the shortfall of demands. People don’t have money, therefore the purchasing power of people will come down. The market will open with very few customers to buy. All these things will lead to great confusion.
But will all these assumptions come true in our vast country of young, energetic and qualified people? The answer lies in our determination and positive approach to handling the crisis.
We all know that due to brain drain, our most competent people are lured to go abroad. Now they are willing to come back foreseeing the future insecurity in foreign countries.
Those who are studying know the challenge ahead. They know they have to remain in our country and struggle to survive. Now the bulk of young and talented people is available to keep our win-win situation alive. New ventures and startups will come up very fast. The import will be discouraged for obvious reasons. The demands of local products will increase to replace foreign goods. The issue of competition in price will replace quality parameters. Those who can deliver will be eligible to survive.
Due to the availability of workers in smaller towns, local manufacturers will get opportunities to produce and sell at competitive prices locally.
Employment generation will rapidly start in smaller towns.
The concept of self-employment will evolve. People will start a small business with low capital and fast turnover. New and innovative ideas will come into the business world. Matured and experienced marketing consultants will come forward to help and guide newcomers. Demand for sales personnel will increase to support and survive the business community.
All these things will happen to meet the crisis because it is the question of our survival.
The service industry will go fast. People will like to take life insurance policies. Medi claims policy insurance businesses get a boost because of the corona which is going to stay long. The insecurity of life and medical needs will increase the requirements of insurance policies. Young unemployed graduates will be able to take up this profession as a full time or part-time job.
Banks will need young graduates to loaning small entrepreneurs and put them for recovery of loans. Private financial institutions will also expand their business of loaning and employ young persons for verification and loan recovery.
All these observations are based on the assumption that our countrymen will be committed to fighting with this crisis with full conviction and courage.