Unorganised sector contributes 45% to GDP, says economist

Renowned economist Professor Arun Kumar, a former professor of economics at Jawaharlal Nehru University, New Delhi today addressed a session discussing challenges being faced by India’s unorganized sector. Prof. Arun Kumar discussed the critical role of the unorganized sector in India's economy, noting its contribution of approximately 45% to the GDP and employment of around 90% of the workforce. He linked the challenges faced by this sector to broader issues such as the consequences of demonetization and the impact of artificial intelligence on blue-collar jobs. Quoting Mahatma Gandhi's philosophy, he said, “Rural development is as essential for achieving inclusiveness and sustainable growth in the Indian economy as any other sector,” he said.

Furthermore, Prof. Kumar criticized the current methodology of official data collection, revealing significant gaps that hinder accurate assessments of economic health, particularly regarding the unorganized sector.

Addressing the gathering, VC GNDU Prof. Karamjeet Singh emphasized the necessity for students to engage with emerging technologies to better prepare for the evolving job market. He articulated that the university is proactively modifying its curriculum to align with contemporary needs, aimed at maximizing student benefits.

In a significant announcement, Prof. Singh revealed that the university will introduce new courses in a hybrid mode in the upcoming academic session. This initiative is designed to cater to a diverse group of students hailing from various socio-economic and regional backgrounds, ensuring inclusive educational access. Prof. Karamjeet Singh advocates for reforming higher education to address rising unemployment rates. He stresses the necessity of developing relevant curricula that align with industry needs, ensuring graduates are well-equipped for the job market. Additionally, Prof. Singh promotes hybrid learning approaches that blend traditional and modern educational methods, creating flexible and engaging learning environments. He firmly believes that education plays a pivotal role in rural development and societal advancement.