Assume “Skill India” policy implemented by Ministry of Skill Development and Entrepreneurship (MSDE) in 2014 is doing well and has been successful in helping many workers learn new skills.  Further, the program has reduced the structural (or, natural) rate of unemployment in India, u_n. 

a) Using the concept of Phillips curve, comment on how the reduction in u_n is beneficial for the economy?

b) The opposition claimed that government program is expensive. Instead, the expansionary monetary policy could have been a cheaper way to cut the unemployment. Comment.

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India is one country which is rich and diverse in its traditions and culture India is an agrarian countryMost of its people depend upon agriculture for their livelihood Skill India is the mission whic... View the full answer