Uneveling Latest Unemployment rates in India : 83% of Unemployed people are Youths......
The latest Researches on Unemployment rates of India : Unemployment rates decrease by 0.4% to 7.6% in March 2024 in just 1 month.....
India is the world's fastest growing economy as well as the world's fifth largest economy with an GDP of $ 3.937 Trillion, and is expected to be the 3rd largest economy by 2027. Along with this, India is the second most polluted country in the world after China – India's current pollution is more than 140 crores. Every year 1.67 Million students graduate from universities in entire India. And that's why, Employment has been a matter of great concern for decades.
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Statement of Senior Economist
"Following a decade of near jobless growth, the rising number of discouraged workers had pushed India's LFPR (labour force participation rate) down well below levels exhibited by the four Asian tigers at comparable stages in their demography," said Kunal Kundu, India economist at Societe Generale.
Alexandra Hermann at Oxford Economics."Repeating the exceptional strength of 2023 shouldn't be taken for granted. Last year's growth was strongly supported by the government's capex push, but the need for fiscal prudence will limit the boost this year and over the coming years,"
Trends and Statistics
Unmasking 11 years of Unemployment rate in India
- 2024 = 6.57%
- 2023= 8%
- 2022 = 7.33%
- 2021 = 5.98%
- 2020 = 8.00%
- 2019 = 5.27%
- 2018 = 5.33%
- 2017 = 5.36%
- 2016 = 5.42%
- 2015 = 5.44%
- 2014 = 5.44%
Analyzing Recent Unemployment Data
Employment rate in India seems to be decreasing, yes. According to the latest Unemployment rates provides by Consumer Pyramid Household Survey, India's unemployment rate was 8% in February 2024, after one month in March this rate has reduced by 0.4% to 7.6%. On the other hand, there is also a shocking fact that 83% of the total unemployed population of India is made up of youth.
According to the report of Center for Monitoring Indian Economy CMIE, there was a significant decline in the unemployment rate in January 2024 — within 1 month the unemployment rate decreased by 1.9%. In January 2024, the unemployment rate had broken its previous 16-month low.
According to the, National Sample Survey Organisation , the unemployment rate of people aged above 15 years has decreased by 1.4% compared to last year to 6.8%. This rate in January-March Quater 2023 quarter stood at 8.2%.
Periodic Labour Force Survey Revealed that —
According to the Periodic Labor Force Survey, there has been a decline of 2.3% in the unemployment rate from 2017- 2018 to 2022-2023. Unemployment has decreased from 6% to 3.7% in the last 6 years. Labor workforce participation has also seen an increase, increasing from 49.8% to 57.9% between 2017-18 to 2022-23. Unemployment rate in rural areas was 5.3% in 2017-18, now it has come down to 2.4%, in urban areas it has also come down by 2.3% and stands at 5.4%.
Women and Graduates
Talking about Women Unemployment, in the same period of 6 years, Women's Unemployment rate is also decreasing, in 2017-18 Unemployment rate stood at 5.6% and in 2022-23 rate came to 2.9%. Youth Unemployment rate in the following 6 years decreased by 7.8% to 10%, which was 17.8% in 2017-18.
Unemployment Rate of Graduated Individuals Increased to 55.8% in 2022-23 which was 49.7% in 2017-18. And Unemployment rate for Post Graduated Individuals stands fell to 67.8% which was 70.6% in 2017-18.
Government Initiatives and Policies
However, today's India is a new India — where employment generation is being emphasized more than employment and that's why the Government of India has prepared new initiatives to start and establish Entreprise and Business. Many schemes have been started by the government to create the attitude and capability of an industrialist among the people, and the Sucessful implementation has also been done by the Support of Indian Government.
1. Pradhan Mantri Mudra Yojna
Mudra Yojana in which collateral free loan up to Rs 10 lakh will be given by the government to the borrower to start and expand its Business. The main motive of the scheme is to promote small industry and promote self employment.
2. PM SVANidhi Yojna
Pradhan Mantri Street Vendor Atma Nirbhar Nidhi Scheme or SVANidhi yojna started in 2011 provides the facility of Collateral Free Working Capital Loan to small scale street vendors. Its initiative is to provide capital to street vendors.
3. Pradhanmatri Mantri Kaushal Vikas Yojana
Under PM Kaushal Vikas Yojana, it is an skill and development training is given to students and Seekers. In this training, youth are provided the facility of training to run and start a business and enterprice and provide assistance to reach it the Top Level.
4. Startup India
Startup India is a Government Flagship Program in which it works to provide a good environment to innovative businesses and give them economic assistance. Its main motive is to promote India's own innovations and technology to the Global Level. It provides loans from 10 lacs to 1 crore.
5. Lakhpati Didi Yojana
Lakhpati Didi Yojana is being implemented for women empowerment. Till now the target has been to make 3 crore women lakhpati in rural areas. In this, women get loans for self business and so far more than 11 lakh women have benefited from it. This has hampered women's power or women's social status.
And many more schemes like Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), Agriculture Infrastructure Fund (AIF), National Beekeeping and Honey Mission (NBHM).
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