Socio-Economic Problem Common Faced in India

Essay: Socio-Economic problem common faced in India and America Problem of unemployment is a common socio-economic problem faced in India and United states. Reasons for the problem are more or less similar only differing in the intensity, complexity and depth. Looking at India first unemployment is seen as problem because country’s most important productive asset which is its manpower, abundance in India, is going waste being idle. Unemployment among educated youth is a bigger concern in the country because time and money invested in their education to add value to country’s economy is not yielding as expected or as required.

In monetary terms cash is flowing out of the economy faster and not adding back into the economy in same proportion through services people have been trained and educated for. One of major cause is the government impractical policies in the country badly failing in providing basic necessities to its own people. It is of view that education takes you to places and new heights but only when one’s basic necessity of food, clothes and housing gets fulfilled to keep oneself alive, and it is when person can further look for education to improve living standards.

In India, still millions of people living below poverty line struggling to make ends meet. The daily wage worker or labor still today struggles to even earn one time meal a day to survive. A number of government policies and programs have been initiated in past and presently to create growth opportunities for job, work, employment through improving education system, infrastructure, manufacturing sector, agriculture sector, service sector. Since 90’s liberalization has improved scenario of employment a lot with foreign investments flowing in, MNC’s coming in ,etc. ut it has its gray shades unleashing slowly in face of the country, as the outsiders are getting exposed of exploiting the loop holes in the policies not in favor of the country and hence unemployment problem still hovering widely. Also because of deep routed bureaucracy and corruption in the country, originally intended aim to remove poverty, improving living standards and providing education to all is failing miserably. In United States percentage of people below poverty, low living standard is less but still state government’s policies also failed on many fronts to tap the employment opportunities for its people.

Also education system is well established but percentage of college dropout is still high and outside competition is also taking away the opportunities. Another common thread of unemployment between India and America is the global crisis, failing financial markets, recession risk that is affecting businesses across the globe to shut down its production units, revoking projects and contracts, layoffs, etc. all decisions fuming unemployment for many in name of cost cutting measures. India’s service industry contributes 60% of the GDP and during crisis on global front this sector gets the major brunt.

In America it is the banks that are going downside. The effect of recession and financial crisis has a dominos effect or to say a tsunami effect washing away everything along with it. To conclude, it is the economists and the decision makers, be it in corporations, governments or banks that need to analyze these loop holes in the policies affecting in education system, industry sector on whole, and take corrective measures to safeguard its own people from the aftermath of wrong decisions if a fast growing country like India or already developed country like American needs to sustain and to be a market leader on a global front in future.