In a recent survey it was forecasted that atleast more than eight million jobs are required each year for India to keep its employment rate balanced and steady, as its working-age population (above 15 years) is increasing by 1.3 million every month, a new study has found.
India’s employment rate has been declining due to women leaving the job market, according to a World Bank report, ‘Jobless Growth?’, published on 15 April, 2018.
While the male employment rate in India between 2005 and 2015 declined “very little”, the female employment rate declined by nearly five percent per year, data show.
“Over 66% of India’s population is rural and of the 11 million Indians who lost jobs in 2018, over 80 percent of those losses occurred in rural India.”
As per the statistics, India’s employment rate was 52 percent in 2015, below Nepal (81 percent), Maldives (66 percent), Bhutan (65 percent) and Bangladesh (60 percent) but above Pakistan (51 percent), Sri Lanka (49 percent) and Afghanistan (48 percent).
The working-age population, aged 15 and above, across South Asia is estimated to rise between eight percent and 41 percent by 2025.
“To reap the benefits of ‘demographic dividend’, sufficient new jobs need to be created,” the report said.
82 Lakh Engineers, Post-Graduates Apply For 62,000 Jobs of gangman, cabinman, helper posts In Indian Railways
INDIA’s UNEMPLOYMENT CRISIS
As per the data as many as 18.3 million Indians were unemployed in 2017, and unemployment is projected to increase to 18.9 million by 2019, according to The World Employment and Social Outlook–Trends 2018 report by the International Labour Organisation, released on 22 January, 2018.
There is growing anger and dissapointment among youths of India for Narendra Modi Led BJP Government due to lack of employment opportunities in the country.
Telecom Industry will face over 65,000 Job Losses by March 2019
The situation seems to be worsening, considering the number of people applying for government jobs. Over 28 million applicants are expected to appear for 90,000 jobs offered by the Indian Railways this year, The Times of India reported.
More than 200,000 candidates were competing for 1,137 police constable vacancies in Mumbai, many of whom were over-qualified: 423 had degrees in engineering, 167 were Masters in Business Administration and 543 were post-graduates while the basic qualification required for the post was a pass in 12th standard.
As many as 590,000 jobs every month–or 7 million annually–were likely to be generated in 2017-18, according to a report, Towards A Payroll Reporting in India, published on 15 January, 2018.
I hope Madam Finance Minister reads and implements most of these suggestions which are in line with what other wise men have suggested. It has been a 10 year long winter for the Indian economy and the government/finance minister should take this opportunity of global turbulence to unleash massive reforms, privatisation and most importantly the animal spirit in the Indian economy.