Demographic Change and its Implications in India

* Italy and Japan are often cited as prime examples of countries with rapidly ageing populations and very low birth rates. Both countries have been grappling with the economic and social consequences of these demographic trends for several years. * South Korea has also emerged as a country with significant demographic concerns. Its fertility rate is one of the lowest in the world, and its population is projected to start declining in the coming years. * Nigeria and South Africa, while facing their own set of demographic challenges, are generally not highlighted for low birth rates or declining populations. Nigeria has a very young and rapidly growing population. South Africa’s population growth has slowed in recent years, but it is not yet experiencing a decline.

Statements 1 and 3 are correct. Vietnam’s open economic policy of recent years integrating into global supply chains has made the growth success story possible. Vietnam's export-led growth strategy and global integration are among the key factors behind the country's remarkable achievements in growth and poverty. Vietnam was one among the few countries to post GDP growth rate figures in 2020 when the pandemic hit. Vietnam is projected to be the fastest-growing internet economy in Southeast Asia in the next 10 years. Statement 2 is not correct. Vietnam is a one-party communist state, not a multi-party parliamentary democracy. Statement 4 is correct. Thanks to an abundance of low-wage labour, Vietnam's manufacturing sector grew at a compound annual growth in the last decade. As the rest of East Asia developed and wages there rose, global manufacturers were lured by Vietnam's low labour costs and stable exchange rate. Hence, Statement 5 is not correct. According to the Asian Development Bank Report, e-services including digital financial services are at a very nascent stage in Vietnam.

Statement 1 is correct: A portion of household financial savings in India does indeed go towards government borrowings. The government raises funds through various debt instruments like bonds and treasury bills. When households save money, they might invest it in these government debt instruments through banks or other financial institutions. This provides a source of funding for the government while offering a return to the investors (savers). Statement 2 is correct: Dated securities are a major component of India's internal debt. These are essentially government bonds issued at market-determined interest rates through auctions. Investors, including households, banks, and financial institutions, can participate in these auctions and purchase dated securities. Hence, both statements are correct.

Statement 1 is not correct: The Government had launched a scheme viz Casual Labourers (Grant of Temporary Status and Regularization) Scheme of Government of India, 1993. As per the scheme, Temporary status would be conferred on all casual labourers who were in employment and who have rendered a continuous service of at least one year, which means that they must have been engaged for at least 240 days (206 days in case of offices observing 5 days week). Statement 2 is correct: The Supreme Court has decreed that casual workers are also entitled to social security benefits as stipulated in the Employees Provident Funds and Miscellaneous Provisions Act. The Court's ruling stemmed from its interpretation of Section 2(f) of the EPF Act, wherein the definition of an "employee" encompasses a broad scope, including any individual engaged directly or indirectly in connection with an establishment's work and receiving wages. A bench of the Supreme Court affirmed this viewpoint. Statement 3 is correct: The government has the authority to specify through a notification that an establishment or industry is obligated to disburse wages exclusively via its bank account.

Statement 1 is incorrect. The National Career Service is not an initiative of the Department of Personnel and Training, Government of India. It is actually implemented by the Directorate General of Employment, Ministry of Labour & Employment. Statement 2 is incorrect. The National Career Service has indeed been launched in a Mission Mode, but it is not specifically targeted at improving the employment opportunities for uneducated youth of the country. It is a comprehensive platform providing a wide array of employment and career related services to all citizens of India, aiming to bridge the gap between jobseekers and employers, candidates seeking training and career guidance, and agencies providing training and career counselling.