Print Friendly, PDF & Email

The current model of economic growth prioritizes capital over labour and is unlikely to resolve the unemployment crisis amidst the pandemic situation, do you agree? Comment

Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

5. The current model of economic growth prioritizes capital over labour and is unlikely to resolve the unemployment crisis amidst the pandemic situation, do you agree? Comment. (250 words)

Reference:  Indian Express

Why the question:

The article from Indian express explains that the current model of economic growth prioritizes capital over labour and is unlikely to resolve the unemployment crisis.

Key Demand of the question:

Discuss in what way the current model of economic growth prioritizes capital over labour and is unlikely to resolve the unemployment crisis amidst the pandemic situation.

Directive:

Comment– here we have to express our knowledge and understanding of the issue and form an overall opinion thereupon.

Structure of the answer:

Introduction:

Start with the havoc in the economy that the pandemic has created.

Body:

The answer body must have the following aspects covered:

First explain how the current model of economic growth prioritizes capital over labour.

Then discuss the unemployment crisis amidst the pandemic situation.

This level of unemployment is not just a symptom of the “jobless” model of economic growth that has been followed in the last two decades, but is also a recipe for political and social instability. The pandemic and the subsequent crisis in the employment-unemployment situation have only highlighted the fragile situation of the labour market. The real crisis of unemployment and jobless growth is a bigger pandemic that is unlikely to be resolved with the current model of economic growth which prioritizes capital over labour.

Suggest what needs to be done.

Conclusion:

Conclude with way forward.