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By:

Rajendra Joshi

3 December 2024 at 9:20:26 am

The Warning Beyond NEET

The Jantar Mantar protests exposed the widening gap between education, employment and growth. The month-long protest at Delhi's Jantar Mantar may have formally ended, but the political and economic questions it raised will linger. Triggered by the NEET paper leak, the movement became a major expression of youth discontent. What began as a demand for a fair examination system became a broader indictment of an economic model that promises opportunity but increasingly fails to deliver...

The Warning Beyond NEET

The Jantar Mantar protests exposed the widening gap between education, employment and growth. The month-long protest at Delhi's Jantar Mantar may have formally ended, but the political and economic questions it raised will linger. Triggered by the NEET paper leak, the movement became a major expression of youth discontent. What began as a demand for a fair examination system became a broader indictment of an economic model that promises opportunity but increasingly fails to deliver employment. The government initially treated the protests as a law-and-order issue. That changed when the Rashtriya Swayamsevak Sangh (RSS), the ideological fountainhead of the ruling establishment, publicly criticised police action and expressed solidarity with the students. The subsequent resignation of Union Education Minister Dharmendra Pradhan, withdrawal of criminal cases and RSS chief Mohan Bhagwat's endorsement of the integrity and aspirations of India's Gen Z transformed the political narrative. The issue had moved beyond examination reform to whether India's development model is serving its young citizens. The NEET paper leak was merely the spark. The fuel had accumulated through rising educated unemployment, declining confidence in public institutions and growing frustration among millions of young Indians. Education is increasingly seen as an uncertain investment rather than a guaranteed pathway to opportunity. Every examination scandal reinforces the perception that merit alone is insufficient, while recruitment delays deepen the belief that the system is failing those who have done everything expected of them. India has celebrated its demographic dividend for nearly two decades, projecting its young workforce as its greatest competitive advantage. But demographic dividends are never automatic. They generate prosperity only when education is matched by employment, productivity and rising incomes. Otherwise, they become demographic liabilities that breed frustration rather than growth. The evidence suggests India is approaching that inflection point. GDP has expanded impressively over the past two decades, yet employment has failed to keep pace. Employment elasticity has weakened sharply. During the 1980s, every percentage point of GDP growth generated roughly half a percentage point increase in employment. Today the ratio is estimated at about 0.16, among the lowest for major emerging economies. Growth continues; jobs do not. This disconnect reflects India's growth strategy. Public policy has increasingly favoured capital-intensive industries through subsidies, tax incentives and investment support. Such sectors contribute to output and productivity but generate relatively fewer jobs. Agriculture continues to suffer from incomplete reforms and low productivity. Manufacturing has not expanded fast enough to absorb new workers, while artificial intelligence and automation are reducing opportunities in occupations once regarded as gateways to middle-class prosperity. India thus faces a paradox: it is producing more graduates while creating fewer opportunities to absorb them. The comparison with Asia is instructive. Vietnam and Bangladesh have pursued manufacturing-led growth that has generated substantially higher employment relative to economic expansion. Vietnam's employment-to-population ratio is estimated at nearly three-fourths, compared with about one-half in India. Vietnam has also moved into the upper-middle-income category, while India remains a lower-middle-income economy. These comparisons do not diminish India's achievements. They highlight the urgency of correcting structural weaknesses before they become politically destabilising. History demonstrates the risks of prolonged youth unemployment. The Arab Spring showed how educated but unemployed youth can transform political landscapes. More recently, political instability in Bangladesh and Nepal has reflected frustration among younger populations facing shrinking opportunities. India's democratic institutions are stronger, and its circumstances are different. Yet no democracy can indefinitely ignore the aspirations of its largest demographic group. The significance of Jantar Mantar lies here. India's Gen Z is organised, digitally connected and politically conscious. Social media transformed local grievances into a national movement within days, while traditional political parties largely responded after the sentiment had acquired independent momentum. The RSS intervention further complicated the government's challenge. Once protesting students found resonance within the ideological ecosystem closest to the ruling establishment, the issue ceased to be a partisan confrontation. It became an internal warning that India's youth expect credible institutions, transparent examinations and, above all, meaningful employment. The Centre's examination reforms are necessary but insufficient. Restoring the credibility of competitive examinations addresses only one symptom. The larger challenge is to redesign India's growth strategy around employment. Labour-intensive manufacturing, support for small and medium enterprises, investment in skills, higher-education reform and greater attention to employment outcomes must become central to economic planning. The Jantar Mantar agitation should not be remembered simply as the NEET protests. It marked a moment when India's youngest generation questioned the assumptions underlying the country's development model. Governments can manage protests and reform examinations. But unless economic growth translates into broad-based employment, similar movements will return. India's demographic dividend remains its greatest opportunity. It could equally become its greatest challenge. The warning has been delivered. The question is whether policymakers are prepared to listen.

No hike in ready reckoner rates

Real estate sector welcomes move

Mumbai: The Maharashtra government has kept the Annual Statement of Rates (ASR), or ready reckoner rates, unchanged for the financial year 2026–27, signalling a calibrated approach aimed at maintaining stability in the real estate sector amid evolving economic conditions. The decision was announced by the Office of the Inspector General of Registration and Controller of Stamps, Pune.


Under the Maharashtra Stamp (Determination of True Market Value of Property) Rules, 1995, ASR rates are revised annually and come into effect from April 1. These rates serve as the benchmark for property valuation for stamp duty and registration. Over the years, the state has followed a cautious revision strategy. After a 5.86 per cent increase in 2017–18, rates were kept unchanged in 2018–19 and 2019–20 due to a sectoral slowdown. During the pandemic-hit 2020–21, the revision was delayed until September and limited to 1.74 per cent.


For 2026–27, however, the government has opted for a complete status quo, with no increase across the state. The move follows representations from industry bodies, including CREDAI, citing global economic uncertainty and a moderation in real estate activity.


Long Process

The ASR determination process involves multi-level consultations. District-level meetings are held with developers, document writers and other stakeholders, while public representatives’ inputs are incorporated through discussions chaired by district collectors. Objections and suggestions received during this process are evaluated before finalisation.


Even as base rates remain unchanged, the government has introduced technical and administrative refinements to better reflect on-ground realities. In urban areas, changes in Development Plans (DPs) have been factored in. Adjustments have also been made in line with regional and local planning schemes, including revisions to valuation zones and sub-zones. Updates such as correction of village names, inclusion of new hamlets, and changes in survey and group numbers have been carried out. Micro-level adjustments through sub-classification have also been introduced.


Strong Growth

Meanwhile, Maharashtra has recorded strong growth in property registrations and stamp duty collections over the past three financial years. The number of registered documents rose from 27.9 lakh in 2023–24 to 43.12 lakh in 2024–25, and further to 45.60 lakh in 2025–26. Revenue collections under the 0030 head (stamp duty and registration fees) increased from Rs 50,042.80 crore in 2023–24 to Rs 58,266.07 crore in 2024–25, and further to Rs 60,568.94 crore in 2025–26.


Monthly trends remained robust, with March 2026 recording the highest collection at Rs 6,641.61 crore, while December also posted strong inflows at Rs 5,595.35 crore.


President of CREDAI-MCHI Sukhraj Nahar said, “The State Government has taken a significant and timely decision to maintain status quo on Ready Reckoner Rates for FY 2026–27, effective from 1st April. This important relief to the real estate sector comes in the backdrop of persistent global economic uncertainties and rising construction costs. The decision reflects the Government’s sensitivity to industry concerns and its commitment to sustaining growth and housing supply.”


“We would like to share that CREDAI-MCHI had made strong representations to the Government, highlighting the adverse impact of any increase in Ready Reckoner Rates under the current circumstances. We are glad that our suggestions have been duly considered.”


“This decision will go a long way in maintaining project viability, supporting housing demand and ensuring continued momentum in development activity,” he added.

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