Aviation sector woes
This refers to Go First Airlines filing insolvency petition before NCLT in view of a severe financial stress the airline is passing through at present. It is indeed distressing to see continuous failures in the aviation sector. Aviation is a capital-intensive industry involving high operating costs. The continuous rise in the cost of aviation fuel, high maintenance expenses, airport charges and exorbitant salary paid to retain technical personnel, etc., pose a huge challenge in running airlines successfully. Without putting in place the required risk assessment techniques, it is unfortunate to note banks taking such huge exposures on the aviation industry, ultimately being forced to absorb losses running into several crores of rupees after fighting a protracted legal battles involving NCLT and courts leading to a partial or full write-off draining taxpayers’ money.
This refers to ‘Say ‘aye’ to four ‘I’s for long-term growth: FM’ (May 4). The Finance Minister has rightly stated that infrastructure, investment, innovation and inclusivity are of paramount importance for sustainable growth, especially for developing nations post-Covid. In spite of increasing mechanisation, agriculture continues to be bound by the vagaries of nature in many parts of Asia. People in rural areas are increasingly going to urban areas for employment, giving up their ancestral occupation of farming. This trend has to be arrested by continuing subsidies in procurement of fertilisers and machinery.
Katuru Durga Prasad Rao
The four ‘I’s for sustainable growth are not unknown. What is needed is faster pace of execution. Education is an indispensable tool of progress. The Central and State governments should not leave any stone unturned to ensure perpetual flow of human capital. For that, students coming out of the portals of educational institutions should not only be armed with degrees/diplomas, but also have traits such as integrity, commitment, industriousness and responsibility. After all, knowledge sans maturity/wisdom is of no use.
This refers to ‘A digitally unprepared workforce’ (May 3). Digital literacy must remain an overlay to basic human skills of observation, practice and innovation. This applies as much to non-IT sectors that account for two-thirds of employment nationally. And these essentially need to be acquired through structured courses and training.
From the 1990s, China provided basic infrastructure, affordable industrial and technical training to SMEs.. We need to upgrade these templates, in keeping with evolving technologies in combination with modern era economics. Else we are likely to usher in an era with pools of basic and conventional skills gradually shrinking.
Effect of AI on jobs
This refers to ‘Future shock’ (May 4). India is confronted with a disturbing paradox that it may not be able to benefit much from the projected net increase of jobs in spite of growing application of AI-led technology. India has failed to derive optimum demographic dividend due to job-skill mismatch so far. Let the government and industry join hands and take all steps to upskill our youth and thus turn its population, the largest globally, into an asset.