That's a major reason why we need to bring manufacturing to the country our service sector can't employ these many people but the thing that needs to change is the attitude among people whenever the govt talks about privatizing the psu's everyone complains that they are selling the country off look at the farmer's protests they routinely complain that the govt is selling off to ambani or adnani
That's glimpse of future. The reason I even bothered with PSU discussion is, how much our country spends on these things. Yesterday, I was going through farm subsidies and schemes. You will be surprised with the numbers.
(last budget)
$15,831,636,129 on food subsidy
$9,768,435,932 on fertilizer subsidy
Schemes worth billion dollars.
Add loss making PSUs to the list. And PSU Bank NPAs.
Huge chunk of our budget is spent on these things. I am not against looking after poor. But at same time, look how much our government spending on no-returning ventures. Most of the money is locked in self-feeding loop.
With GoI aversion to everything private, very little investment will happen from private players. Millions of youth coming out of colleges every year. Already everyone talking about jobs. They will just blame modi and vote rahul gandhi who will promise some monthly money for every young guy.
It's going to be worst disaster than 1990 crisis.