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In the background of capability approach, this paper examines the socio-economic exclusions and inequalities in Indian labour market. The paper posits that there is an underutilization of human efforts due to these exclusions and inequalities resulting in capability deprivation. This capability deprivation is the byproduct of three factors; the three factors are functional in Indian job sector, viz., (i) higher economic-inequality with lower base of high-skilled worker employment in India as compared to the US, (ii) higher socio exclusions and (iii) higher under-employment and unemployment that leads to limited knowledge of included workers resulting in under-utilization of human potential. Thus, the paper argues that there is a direct correspondence between three factors of socio-economic exclusions and inequalities in Indian job sector. These three factors are examined in the light of human capability approach in comparison to human capital theory. For a sustainable and futuristic Indian knowledge society cum economy, there is a need to change the policy perspective from human capital to human capability, in the next fifteen years under SDG (Sustainable Development Goal) 5 on gender-equality and SDG 8 on decent employment agenda of ILO and SDG10 reduce income within and among countries.