Question:
"In a nation like India, self employment provides an important avenue for employment generation." Defend or refute the given statement with valid arguments.
"In a nation like India, self employment provides an important avenue for employment generation." Defend or refute the given statement with valid arguments.
Show Hint
Infrastructure development in rural areas can drastically improve productivity and create sustainable livelihoods by connecting rural populations to broader economic opportunities.
Updated On: Feb 1, 2025
Hide Solution
Verified By Collegedunia
Solution and Explanation
Self-employment is a key avenue for employment generation in India, and here's why:
- High Employment Potential:
India, with its large rural population and limited job opportunities in the formal sector, has seen self-employment emerge as a crucial way for individuals to earn their livelihoods. Agriculture, handicrafts, and small businesses are common forms of self-employment. - Entrepreneurship and Innovation:
Self-employment fosters entrepreneurship and innovation, as individuals take the initiative to create businesses and services that cater to local and regional needs. - Lower Barriers to Entry:
Unlike formal employment that requires certain qualifications or skills, self-employment offers flexibility and lower barriers to entry, allowing many individuals, particularly in rural areas, to enter the workforce. - Government Initiatives:
Various government schemes like PMEGP (Prime Minister's Employment Generation Programme) and MUDRA Yojana support the self-employment sector by providing loans, training, and other resources. Therefore, self-employment is crucial in India's economic context, providing a valuable route to employment for a large section of the population.
India, with its large rural population and limited job opportunities in the formal sector, has seen self-employment emerge as a crucial way for individuals to earn their livelihoods. Agriculture, handicrafts, and small businesses are common forms of self-employment. - Entrepreneurship and Innovation:
Self-employment fosters entrepreneurship and innovation, as individuals take the initiative to create businesses and services that cater to local and regional needs. - Lower Barriers to Entry:
Unlike formal employment that requires certain qualifications or skills, self-employment offers flexibility and lower barriers to entry, allowing many individuals, particularly in rural areas, to enter the workforce. - Government Initiatives:
Various government schemes like PMEGP (Prime Minister's Employment Generation Programme) and MUDRA Yojana support the self-employment sector by providing loans, training, and other resources. Therefore, self-employment is crucial in India's economic context, providing a valuable route to employment for a large section of the population.
Was this answer helpful?
0
0
Top Questions on Inflation and unemployment
- Which of the following is NOT a source of data on unemployment in India?
- CUET (UG) - 2024
- Economics
- Inflation and unemployment
- Consider the information given in the table below:
Year Unemployment Rate (in percent) Number of unemployed (in millions) Labour Force Participation Rate (in percent) 2010 15 30 70 2020 20 50 80
The percentage change in working-age population from 2010 to 2020 is __________ (rounded off to two decimal places).- IIT JAM EN - 2024
- Macroeconomics
- Inflation and unemployment
- Suppose expected inflation rate ($\pi^e_t$) of an individual is formed as:
$\pi^{e}_t = (1 − \theta) \overline{\pi} + \theta \pi_{𝑡−1}$
where, $\overline{\pi} $ is constant inflation rate, $\pi_{t−1}$ is previous year’s inflation rate, and $ 0 \leq \theta \leq 1$ is weight assigned to inflation rate at different points in time.
Then, which of the following is NOT CORRECT?- IIT JAM EN - 2024
- Macroeconomics
- Inflation and unemployment
- Consider a short-run Phillips curve with a constant expected rate of inflation. If the aggregate demand decreases unexpectedly and the labour force remains the same, then what will happen to aggregate price and unemployment rate?
- IIT JAM EN - 2024
- Macroeconomics
- Inflation and unemployment
- Individuals who were either unemployed or out of labour force but had worked for at least 30 days over the reference year were included in the labour force by the NSSO in its labour force surveys. Under which one of the following classifications does the above procedure appear?
- IIT JAM EN - 2024
- Macroeconomics
- Inflation and unemployment
View More Questions
Questions Asked in GATE XH-C1 exam
- Consider a two good economy where a denotes consumption of apricots and b denotes consumption of bananas. Anu's utility function is UAnu (a, b) = a + 2b, and Binu's utility function is UBinu (a, b) = min{a, 2b}. Anu initially has no apricots and 12 bananas. Binu initially has 12 apricots and no bananas. In the competitive equilibrium, which one of the following will be Anu's optimal consumption bundle ?
- GATE XH-C1 - 2024
- Utility Function
- Given an input line of numbers and words, a machine rearranges them following particular rule in each step. Here is an illustration of an input and rearrangement sequence (Step 1 to Step 5) :
Input: 61 wb ob 48 45 29 34 sb pb lb
Step 1: lb wb ob 48 45 29 34 sb pb 61
Step 2: lb ob wb 45 29 34 sb pb 61 48
Step 3: lb ob pb wb 29 34 sb 61 48 45
Step 4: lb ob pb sb wb 29 61 48 45 34
Step 5: lb ob pb sb wb 61 48 45 34 29
Step 5 is the last step of the above arrangement.
Based on the rules followed in the above steps, answer the following question :
Input: cb kb eb 58 49 23 38 jb nb gb 69 82
Which of the following represents the position of 58 in the fourth step? (Step-5 is the last step of the arrangement.)- GATE XH-C1 - 2024
- Sequence and Series
- How can businesses benefit from green finance?
- GATE XH-C1 - 2024
- Reading Comprehension
- Read the following passage carefully:
1. India has aimed to reduce the country’s carbon intensity by approximately 45 percent by 2030. To achieve this, ‘Green finance’ plays a vital role. At the initial stages, green finance needs a big push from the government. The Indian government has identified projects worth Rs. 25,000 crore that will be financed by proceeds from Sovereign Green Bonds.
2. According to the framework approved by the finance ministry, the sovereign green bonds will focus on financing public projects including renewable energy, climate change, clean transportation, sustainable water and waste management, and pollution control.
3. Businesses that take green finance can benefit in various ways. It can help them follow different environmental norms and regulations, thus avoiding possible fines. Adopting sustainable developmental practices enhances the brand value of businesses. Customers tend to prefer brands that adopt clear sustainable development practices. The energy-efficient and other sustainable development practices promoted by green finance also often help in saving costs and boosting the profitability of businesses.
4. -The Economic Times, April 22, 2023 (Modified) On the basis of the given text and common understanding, answer the following questions:- GATE XH-C1 - 2024
- Reading Comprehension
- "Navratan Policy of the government has helped in improving the performance of Public Sector Undertakings (PSUs) in India." Do you agree with the given statement? Justify your answer with valid arguments.
- GATE XH-C1 - 2024
- National Income Accounting
View More Questions