Smart City Foundation

Scaling the Ladder of Progress: India’s Journey towards Achieving SDG 8

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by

Shuhool Fotedar
in

Sustainable Development Goal 8 (SDG 8) aims to “promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all” by 2030. This encompasses various targets, including reducing unemployment, promoting economic diversification, and ensuring decent work conditions for all. Analyzing the progress made by different countries is crucial to assess the path forward.

Top 5 Countries Leading in SDG 8:

  1. Finland (86.76): Boasts a well-developed economy with low unemployment rates and strong social security systems. (Source: Sustainable Development Report 2023)
  2. Denmark (85.68): Features a strong labor market with high levels of productivity and flexible working arrangements. (Source: Sustainable Development Report 2023)
  3. Sweden (85.43): Enjoys a high-income economy with a focus on innovation and entrepreneurship. (Source: Sustainable Development Report 2023)
  4. Norway (85.08): Leverages its natural resources to create a prosperous economy with a high standard of living. (Source: Sustainable Development Report 2023)
  5. Switzerland (84.83): Maintains a robust economy with strong financial institutions and low income inequality. (Source: Sustainable Development Report 2023)

India’s Progress:

India’s SDG 8 score stands at 64.98, ranking it 122nd globally. While the country has made significant progress in reducing poverty and creating jobs, challenges remain in addressing unemployment, promoting economic diversification, and ensuring decent work conditions for all.

Key Achievements:

  • Reduced national poverty rate from 22.3% in 2011 to 10.87% in 2022. (Source: World Bank)
  • Created over 20 million new jobs in the formal sector since 2014. (Source: Ministry of Labor and Employment)
  • Launched various initiatives like Make in India and Startup India to promote economic growth and entrepreneurship. (Source: Ministry of Commerce and Industry)

Areas for Improvement:

  • Unemployment rate remains high, especially among educated youth. (Source: Centre for Monitoring Indian Economy)
  • Informal sector employment dominates the economy, often characterized by poor working conditions and low wages. (Source: International Labour Organization)
  • Economic growth is concentrated in a few sectors, limiting opportunities for inclusive development. (Source: World Bank)

What India Can Do:

  • Invest in education and training: Equip the workforce with skills needed for the changing economy and promote lifelong learning opportunities.
  • Improve the business environment: Reduce bureaucratic hurdles, simplify regulations, and create a conducive environment for businesses to thrive.
  • Promote formalization of the informal sector: Provide incentives for businesses to register and adopt formal labor practices.
  • Strengthen social safety nets: Ensure adequate unemployment benefits and social security schemes to protect vulnerable populations.
  • Focus on sustainable and inclusive growth: Foster economic development that benefits all sections of society and protects the environment.

Source of Information:

By addressing these challenges and prioritizing inclusive and sustainable economic growth, decent work opportunities, and human capital development, India can strive towards achieving SDG 8 and create a prosperous future for all its citizens.