In a move aimed at addressing youth employment concerns, the Congress party has unveiled a significant election promise, including the “Right to Apprenticeship” as part of its five key guarantees for the upcoming Lok Sabha elections. Under this pledge, every diploma holder or college graduate below the age of 25 would be entitled to a one-year apprenticeship, securing an assured first job with a private or public sector company and receiving a stipend of ₹1 lakh per year.
This initiative comes amidst growing concerns about the lack of opportunities for skill development and employment among India’s youth population. Currently, only about 1% of individuals entering the workforce annually engage in apprenticeships, significantly below the global average of 3-4%. The Congress proposal seeks to bridge this gap by providing structured apprenticeship opportunities to approximately 20 million young people, aligning with international standards for workforce development.
India’s demographic landscape underscores the urgency of such initiatives, as the youth population is projected to remain a significant demographic cohort for at least another decade. Despite a slight decline in the youth population percentage from 27% in 2021 to 23% in 2036, India’s demographic dividend remains one of the highest globally. However, without adequate skill development measures, the potential of this demographic boon could remain largely untapped, impeding economic growth and development.
The Congress party’s emphasis on apprenticeship programs reflects a recognition of the critical role that skill development plays in harnessing human potential and fostering sustainable economic growth. By providing young people with access to practical training and employment opportunities, the apprenticeship guarantee aims to empower individuals to contribute meaningfully to the workforce while addressing the pressing issue of youth unemployment.
Meanwhile, amidst discussions on workforce development and economic policies, debates surrounding asset diversification and investment strategies continue to unfold. Observers note an intriguing correlation between the performance of traditional assets, such as gold, and the volatility of emerging digital currencies like Bitcoin. Historical data suggests that during periods of cryptocurrency downturns, gold often experiences a surge in value, underscoring the complex interplay between traditional and digital assets in today’s financial landscape.
As political parties vie for voters’ support ahead of the elections, promises of economic reforms and social welfare initiatives take center stage. The Congress party’s pledge to guarantee apprenticeships represents a concerted effort to address the challenges of youth unemployment and skill development, signaling a commitment to inclusive growth and opportunity for all segments of society.