Introduction:
Modernization refers to the process of developing and adopting new technologies, techniques, and methods of production to increase efficiency and productivity. Employment generation, on the other hand, is the process of creating job opportunities for the unemployed or underemployed persons in the economy.

Dichotomy between modernization and employment generation:

1. Automation and job displacement:
Modernization involves the use of automation, which can displace jobs traditionally done by humans. For instance, robots and machines can replace human labor in industries, leading to job losses.

2. Skill mismatch:
Modernization requires new skills and knowledge to operate and maintain the modern machinery and equipment. However, the existing workforce may not possess the required skills, leading to a skill mismatch and unemployment.

3. Concentration of wealth:
Modernization often leads to the concentration of wealth in the hands of a few individuals or companies. The wealthy tend to invest in capital-intensive modern technologies that require fewer workers, leading to limited job opportunities.

4. Rural-urban migration:
Modernization often leads to the concentration of industries in urban areas, leading to rural-urban migration. The rural population may not have the necessary skills or resources to adapt to the new technology, leading to unemployment.

5. Labor exploitation:
Modernization can lead to labor exploitation, where workers are forced to work long hours for low wages in hazardous conditions to keep up with the demands of the modern production systems.

Conclusion:
In conclusion, while modernization can lead to increased productivity and efficiency, it can also have negative consequences on employment generation. Therefore, policymakers and industry leaders should consider the impact of modernization on employment and take measures to mitigate the negative effects. This could include investing in retraining programs, promoting the development of new industries in rural areas, and ensuring that labor laws protect the rights of workers.