Employment Current Affairs - 2020

National Employment Policy

The Ministry of Labour is to fast track the National Employment Policy. The main idea of framing the National Employment Policy is to lay out a roadmap that will provide incentives for employment generation.

Highlights

The policy will aim at absorbing additional 5 million workforce every year. Also, the policy will focus on formalizing 500 million workforce in the country. It will also ensure social security and job security for them.

The policy will frame a road map to provide incentives for employment generation. Also, the policy will focus on the challenges thrown by the COVID-19 crisis.

Objectives

The National Employment Policy is to be framed focusing on twin objectives as follows

  • To attract new enterprises and industries to generate employment opportunities
  • To improve the skill set of existing work force and make them employable. This will also help in India gearing up to attract companies from China to set up manufacturing units in India.

Institute for Management Development releases World Competitive Index

The Institute of Management Development recently released the World Competitive Index. India ranked 43rd in the ranking.

Highlights

In 2019, India was at the 43rd ranking. Since 1989, India had ranked 41st in the World Competitiveness Ranking. However, it slipped to 45th rank in 2017 and secured 44th in 2018. The continuous low ranking of India is mainly due to poor infrastructure and insufficient education investment.

According to the ranking, India has improved in long term employment growth, foreign currency reserves, overall productivity, education. On the other hand, India had declined in taxes, real GDP growth, competition legislation, exchange rate stability.

Other Countries

Singapore secured the top position in the ranking system. Denmark was at the second position, followed by Switzerland, Netherlands, Hong Kong.

The ranking is created by the business school based in Singapore and Switzerland.

China slipped from 14th place to 20th and US moved to 10th place. Among the BRICS countries, China topped followed by India, Russia, Brazil and south Africa.