siliconindia | | NOVEMBER 20228HOW EDUCATION CAN LEAD INDIA OUT OF ECONOMIC COMPLEXITYIN FOCUSThe increase in economic complexity shows prosperity among people. At the same time, it also points in the direction of well-paid jobs, and abundance of opportunities in healthcare, telecom, engineering sectors. This shows that even while India is a developing country, it is progressing with a better pace. Unemployment is a result of the situation of the country's labour market. Unfortunately the poor people or the unskilled labours, do not have the privilege to afford a luxurious life and jobs with higher salaries. Therefore, they choose self-employment or farming, and more. To remove such low-productivity labour warehouses, policies are required. Civil Services Reforms, lower employee regulatory cholestrol, decentralisation of power, and several other policies can be made in order to avoid such obstacles for economic growth. Now, on the other hand, when it comes to jobs in booming sectors, like engineering, telecom and others. they indicate our primary labour market distinction, which is shifting from farm versus non-farm employment to export production versus domestic consumption. Arthur Lewis, a noble laureate, suggested that development involved ending a gap between the `modern' sector and the `traditional' sector. Modern sector being one to use advanced technology and traditional sector being the one with lower productivity. For India to prosper economically,raising productivity of all firms and labours, irrespective of the global or domestic demand,or delivering services or manufacture.Economists, like Ricardo Hausmann, suggested that the prosperity of a country arises from economic development and economic complexity. He said it is like a game of `scrabble', the private sector provides the letters (more of which allow more and longer words), the government is seen to provide vowels, higher wages arise from more words(more firms competing for talents, longer words(high-productivity firms and
< Page 7 | Page 9 >