The labour force participation rate — the number of people looking for jobs — is simultaneously shrinking. In 2016, it was 47-48%. Today, it’s 43%. So while the number of people unable to find jobs has grown, the number seeking them has fallen. That is not good news
271.96 lakh people between 18-30 years age group employed under MNREGA in last four years
India’s growth over the last four years has been largely jobless, says a CARE Research report. Between FY15 and FY19, aggregate employment increased at a CAGR of 3.3% against GDP expansion of 7.5%, the ratings agency added. “Ideally, the rate of growth in employment should link with growth in GDP…” the report said. CARE also noted a slowdown in employment growth over the last two years: Jobs grew 4.1% in FY17, 3.9% in FY18 and 2.8% in FY19. Independent economic think tank CMIE says joblessness hit 8.5% in October – a three-year high.
India GDP growth below 5%. If India wants to grow at 8% again, India must analyse and understand how GDP reached to this point. Coorect the mistakes and then plan for reaching to 8%. I have three points to do, and three points not to do, very simple. Increase Budget allocation for Education 100%, ( Every year for next 5 Years) double the capacity for best education, it will increase innovation and we can our own value creation. We need better and free education for all. Increase Budget allocation for health 100% ( Every year for next 5 years), healthy nation is wealthy nation. One of critical reason for increasing poverty is high cost medicare. Invest into creation of Jobs, Rural Employment, SME, Startups, Land Less Labour must have 365 days work, presently they have just 90 to 120 days of work per annum.
25% jump in MGNREGA employment as rural folks line up for jobs amidst poor economy.
Change Bankruptcy Law. No write down of debt, owners must have above above 35% equity and ineterest payment should not be allowed as expenses and tax must be charged before interest. Subsidies must be given directly to the needed. Not to the rich corporates. Debt must not go beyond 100% of equity.
With huge job losses across India and a tanking economy, the sense of desperation is only getting stronger. The data presented in this report is alarming with growth not providing enough jobs is alarming, with a large population of youth entering into job market every year.
Matter of grave concern and utmost shame that the Unemployment is at its peak and educated youth are joining as daily wage labourers. But on the other hand its good news for system mobilizers as Mahatma Gandhi National Rural Employment Guarantee Act, (MGNREGA) is a organized nexus Right from top level to bottom level where the corruption share directly land into bank accounts of corrupt national parasites sitting on chairs. The Government should never forget that the Rural India and Educated youth are the backbone of this Nation and both are on verge of collapse, and if once collapsed the chances of revival are almost zero. So, better wake up before the collapse and take concrete steps to balance the Skills and Opportunities rather than giving irrelevant ideas.