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Unemployment whenever we heard of this word, first thought that pops up in our mind is India. Emerging Powerful country in terms of Economically, Politically and Socially despite being emerging global power India lacks majorly when it comes to employment. India’s unemployment rate hit a 3 year high of 8.4% in August 2019, reveals Data released by Think Tank Centre for Monitoring Indian Economy (CMIE). The Indian economy is passing through an unprecedented phase in its employment history, in which total employment (Workforce) is declining, and open unemployed and disheartened. While Unemployment Rate (UER) among youth is even at high numbers, In 2020 the estimated youth UER in India was 23.75%.
As defined by United Nations, Youth unemployment refers to the share of the labour force ages 15-24 without work but available for and seeking employment.
India youth unemployment rate for 2019 was 23.34%, a 0.49% increase from 2018.
India youth unemployment rate for 2018 was 22.85%, a 0.13% increase from 2017.
India youth unemployment rate for 2017 was 22.72%, a 0.14% increase from 2016.
The government estimates India’s gross domestic product shrank 8% in the year ended March, its biggest contraction since 1952. Many economists are cutting their forecasts for the current fiscal year as rising unemployment and dwindling savings dim the chances of a double-digit growth. Shaun Roache, chief economist for Asia Pacific at S&P Global Ratings, slashed his prediction to 9.8% from 11% earlier.
Our Youth which considered as better leaders, doctors, engineers, journalists, artists future of our country, how they will able to achieve their dreams or be successful in life without having a job despite of being highly qualified from high priced institutions. What is the point of being literate and getting all the degrees from prestigious schools and colleges? If I keep going there will be millions of questions to ask and not even a single authority would have any answer for it. If our current scenario doesn’t change than the unemployment rate in India will be twice big as today in future.
According to recent reports, India’s unemployment numbers are at record high. The Centre for Monitoring Indian Economy (CMIE) estimated that 11 million jobs were lost in 2018 pushing the unemployment rate to 7.38%. A leaked NSSO (National Sample Survey Office) report pegged the unemployment rate 6.1% the highest in over four decades. The latest Centre for Monitoring Indian Economy (CMIE) report reveals that salaried jobs across India registered a sharp decline in 2020-21 to the tune of 9.8 million. India had a total of 85.9 million salaried jobs in 2019-20 which, by the end of March 2021, reduced to 76.2 million.
This clearly indicates that all the initiatives of the Union Government for the creation and retention of secure jobs failed, most likely due to the ad hoc and hurried nature of these initiatives.