This becomes particularly relevant as the set-up of the European monetary union can further compound the tendency of governments to finance their spending through debt because the consequence of bad policy choices can more easily be externalised to neighbouring countries.
India needs to capitalize on its unique demographic dividend (it has a very large and young workforce). BIS central bankers’ speeches  5  The Government of India and various State governments have been implementing a number of schemes and programs over the years for skill development. The Rural Self Employment Training Institutes (RSETIs) are also working in this direction.