To counter the unemployment problems in the country government, have to take some serious steps, that can foster and incentivize entrepreneurship in the country which in turn reduce the unemployment.
Following are suggested suitable strategy to address the issue:
- Easy permissions to private sector companies - Govt. should start giving single window permissions to more private companies because of Govt. cannot employ every person in the county. Private sector companies can help in it.
- Lowering the taxes on business - Govt. have to lower the taxes so that more business can get a chance to spread its roots.
- Providing loans to business- When Govt. start providing loans to the business, current capital can raise and new business will get the capital which they need to start the business.
- Inviting foreign companies - To increase the employment Govt. can invite foreign companies to open their factories in the country.
- Allowing FDI - Not having enough capital to expand their business can be a major factor for many companies. When Govt. allow FDI then companies can get the capital which they wanted to expand.
- Flexibility in law - Govt. should make some changes in the law as there can be many laws that can be helpful for the country but not for the business.
- Suggest a suitable strategy for the identification and development of entrepreneurs.
- Self-employment is the best method of solving the problem of growing unemployment in the country. Elaborate