Unemployment At An All Time High With 3.1 Crore Indians Without Job: Report

[beijingwalker]

Unemployment At An All Time High With 3.1 Crore Indians Without Job: Report
The Logical Indian Crew
March 2nd, 2018
Unemployment has always been a cause of concern in our country and recent numbers reveal that it has been rising over the last few months as it spiked to 7.1% in the week ended February 25, as reported by Quartz.

Around 31 million people in India are currently looking for jobs. This is the highest since October 2016, according to a February 27 reportpublished by the Centre for Monitoring Indian Economy (CMIE), an independent think-tank that tracks business and economic data. The report also says that February 2018 will see the highest unemployment rate in the last 15-16 months.


Rise and fall
According to the report, unemployment was the lowest last in July 2017. Since then, the rate has been steadily rising.

“Given that the recent three weeks have consistently shown unemployment rates at close to 7%, it is possible to infer now that the rate is back to the levels just before demonetisation,” Mahesh Vyas, CEO of CMIE, said in the report. While the absolute unemployment number isn’t alarming, the steady rise is, he added.

Demonetisation effect
The report also states that the rate of unemployment decreased during demonetisation. The reason for the decrease is that the youth was not even trying to look for jobs anymore because of the crippling state of the economy at that point, hence, they were busy acquiring new skills.

During that period, the labour participation rate (the total number of people employed or actively hunting for jobs) hovered between 46% and 48% before demonetisation. By July 2017, it fell to below 43%. Now the CMIE expects it to go past 44% by the end of February 2018.

“The labour force has still not recovered entirely, and remonetisation by the Reserve Bank of India (RBI) was not enough to bring labour participation to its earlier levels,” Vyas said, as reported by Quartz.

While people are slowly coming back to work now, enough jobs have not been added, hence, the rise in unemployment.

Bleak Future
Employment opportunities will not be great in the near future too. In addition to the 31 million unemployed as of February 25, urban India will see a spike in demand for jobs as a fresh batch of college graduates enters the workforce in May. But the number of jobs created in the financial year 2018 is an estimated 600,000.

“In rural India, activity will slow down after the rabi crop is harvested. Employment opportunities will be limited till the preparation for the Kharif season begins around mid-May,” the report concludes.

https://thelogicalindian.com/news/unemployment-india-31-crore-indians-without-job/

 

[N.Siddiqui]

Unemployment has always been a cause of concern in our country and recent numbers reveal that it has been rising over the last few months as it spiked to 7.1% in the week ended February 25, as reported by Quartz.

What happened to Modi's promise of one crore jobs if voted to power...



One crore jobs if BJP comes to power: Narendra Modi

BJP's Prime Ministerial candidate Narendra Modi on Thursday promised to provide one crore jobs to the youth of the country if voted to power at the Centre.

"If BJP comes to power, it will provide one crore jobs which the UPA Government could not do despite announcing it before the last Lok Sabha polls," Modi said at an election rally here.

http://www.dnaindia.com/india/report-one-crore-jobs-if-bjp-comes-to-power-narendra-modi-1922835

 

[beijingwalker]

India Stuck in Cycle of Poverty and Unemployment
© AP Photo/ Saurabh Das
https://sputniknews.com/analysis/201711041058803245-india-cycle-poverty-unemployment-hunger/

What happened to Modi's promise of one crore jobs if voted to power...



One crore jobs if BJP comes to power: Narendra Modi

BJP's Prime Ministerial candidate Narendra Modi on Thursday promised to provide one crore jobs to the youth of the country if voted to power at the Centre.

"If BJP comes to power, it will provide one crore jobs which the UPA Government could not do despite announcing it before the last Lok Sabha polls," Modi said at an election rally here.

http://www.dnaindia.com/india/report-one-crore-jobs-if-bjp-comes-to-power-narendra-modi-1922835

Modi's India is facing an acute jobs crisis. And no one is talking about it
There are 31 million youths looking for jobs. Come May, a fresh batch of job-seekers will join the market.
26-03-2018

On the morning of March 20, I switched on my television only to find distressing shots of hundreds of students sitting on rail tracksdemanding jobs from the government.

The students forced to resort to this extreme form of protest after a meeting with railways minister Piyush Goyal resulted in zero progress. It was not out of choice that these students decided to inconvenience commuters for close to three hours that morning, it was sheer desperation.

This week nearly 3,500 youths from across Maharashtra tried to march to the Vidhan Sabha in order to meet chief minister Devendra Fadnavis. They were stopped midway but due to the public pressure, Fadnavis was forced to meet them. Among the protesters were many youths from the rural belts who were demanding that the Mahatma Gandhi National Rural Employment Guarantee Act be implemented effectively across the state.

In February, job-seekers from across Maharashtra protested against the government for not conducting the Maharashtra Public Service Commission exams for the past two years and for not filling almost 45,000 vacant posts. This is just a glimpse of the real and bigger picture. The Centre for Monitoring Indian Economy (CMIE) says about 31 million jobless Indians are currently looking for work.

It is a crisis that is becoming more severe with each passing day. The figures are worrying to say the least. The unemployment rate by the end of January stood at 6.1 per cent, the highest in the last 15 months. What's worse is that the rate is growing steadily in rural areas. The unemployment rate in rural India stands at 5.65 per cent up from 4.11 in March 2017. In Maharashtra, the unemployment rate has reached 3.7 per cent.

As I travel across rural Maharashtra, I see the reason why more and more youngsters are turning away from agriculture and seeking jobs. The droughts, debts and lack of support from government have convinced a large section of youths that agriculture no longer is a "stable means of livelihood".

The plight of the 35,000-plus farmers who marched demanding a loan waiver among other things is being witnessed by the youngsters in their homes and many are unwilling to face the same hardships. First, it is the weather that plays havoc on their hard work. Even if they manage to fight the weather gods and get a good crop, there is a lackadaisical procurement policy of the government that plays havoc. Hundreds of tur dal and chana dal cultivators, who have had a bumper crop haven't managed to sell their crop because the government hasn't got its act together.

So a section of rural youth is looking for the jobs promised by the Narendra Modi-led BJP government, and coming back with the same question - Where are the jobs?

I read a report in a national daily recently that said 129 engineers, 23 lawyers, a chartered accountant and 393 postgraduates were among 12,453 applicants who were interviewed for 18 peon posts in the Rajasthan secretariat. Imagine the number who must have applied. This is alarming.

When the BJP government came into power in 2014, they emphasised that employment generation would be one of its biggest missions promising to create over 250 million jobs over a period of 10 years. The promise was to create 2.5 crore jobs every year. But the reality couldn't be further from truth. Only 4.16 lakh jobs have been created in 2017. Also, 1.55 lakh and 2.31 lakh jobs were created in the years 2015 and 2016, respectively. The rift between the desired job creation rate and the unemployment rate is ever increasing. This raises serious questions over the future of the youth, which looks bleak.

Enough has been written on how demonetisation ruined our small and medium enterprises and put hundreds out of jobs. My concern is that the current government seems to be ignoring what is staring them in the face.

It is not just the 31 million who are jobless, but come May and a fresh batch of graduates will join the job market. And optimistic estimates say only 6,00,000 jobs will be created in 2018. Only. Now just imagine what awaits the rest.
https://www.dailyo.in/variety/unemp...ongress-devendra-phadnavis/story/1/23093.html

 

[N.Siddiqui]

Employment opportunities will not be great in the near future too. In addition to the 31 million unemployed as of February 25, urban India will see a spike in demand for jobs as a fresh batch of college graduates enters the workforce in May. But the number of jobs created in the financial year 2018 is an estimated 600,000.

this is today's news, wondering has all the jobless people applied for the jobs in railway...

Over 2.8 crore people apply for 90,000 railways jobs

NEW DELHI: Over 2.8 crore people will take the online examination for nearly 90,000 jobs offered by the railways in what is being touted as as the world's largest recruitment exercise. In fact, the number of applicants for the scarce government jobs may rise further before the deadline comes to an end today. Around 20,000 more positions are likely to be offered by the railways next month, taking the total number of jobs to 1.1 lakh.

https://timesofindia.indiatimes.com...-90000-railways-jobs/articleshow/63551672.cms

 

[beijingwalker]

India won't benefit from demographic dividend: Mass unemployment, unrest looms ahead

In four years, India will have the world's largest population of working people, about 87 crore in all. When nations reach a high ratio of such people, they are expected to earn something called a demographic dividend. This simply means that because most citizens are working, economic growth goes up. The expectation and anticipation is that India is approaching such a position soon.

However, there is a second view on this. A few months ago, a report by IndiaSpend, which does data-based journalism, looked at the issue of employment and made six observations. These were as follows:

1) In 2015, India added the fewest organised-sector jobs — in large companies and factories - in seven years across eight important industries.

2) The proportion of jobs in the unorganised sector — without formal monthly payment or social security benefits - is set to rise to 93 percent in 2017.

3) Rural wages are at a decadal low, as agriculture — which accounts for 47 percent of jobs — contracted 0.2 percent in 2014-15, growing 1 percent in 2015-16.

4) As many as 60 per cent of those with jobs do not find employment for the entire year, indicating widespread ‘under-employment’ and temporary jobs.

5) The formation of companies has slowed to 2009 levels, and existing companies are growing at 2 per cent, the lowest in five years.


6) With large corporations and public-sector banks financially stressed, the average size of companies in India is reducing, at a time when well-organised large companies are central to creating jobs."

This indicates that a very large labour force is moving into an environment which does not have the ability to absorb them.


The report pointed out that though India had seen high growth after 1991, less than half the population was fully employed. In comparison, a United Nations Development Programme report said that in China “the number of jobs grew from 628 million to 772 million between 1991 and 2013, an increase of 144 million, but the working-age population increased by 241 million.” It added: “A wider gap in India than China suggests a more limited capacity to generate employment - a serious challenge, given the continued expansion of the workforce in India over the next 35 years.”

Unless there is a change in the economy, and I mean a major change, (not just a continuation of what has been happening over the last 25 years) these jobs will not materialise. The traditional way in which countries have developed is through low-end manufacturing, like garments exports, and then migrating to higher-end work like automobiles and electronics.

India has all these sectors but without any great scale. On garments, for instance, we compete and often lose to countries like Bangladesh, Vietnam and Sri Lanka which are more efficient and cheaper. The slowing down of the global economy in the last seven years has meant there is no external demand of large size that we can capitalise on.

If the traditional route is not clearly open to India, how will we manage to profit from our demographic dividend? This is a question that must be answered quickly because there is not much time.

I think it is totally wrong to expect that the government alone, for the most part, can provide a solution here. One reason we have not received large investments in manufacturing is a lack of infrastructure and connectivity. Here, we can clearly see the role of the central government in terms of its investments and prioritisation.

But another equally big reason is a lack of qualified manpower. This will surprise upper class urban Indians who can get jobs relatively easily because of their access to reasonably good education. But vast majority of Indians don't have access to this education resource and, therefore, are not equipped to work in the modern economy. This is true even at the basic level of skilled blue collar functions like assembly-line work. Meanwhile, countries like the Philippines are eating into our backend service jobs in an environment where automation is reducing the total number of new jobs every year.

The prime minister recognises the problem and has launched an initiative called Skill India to equip millions of people with basic blue collar skills. Even here the results will take time because the quality of primary schooling in India is very poor. The more one thinks about it, the more difficult it is to see how India will be able to reap the benefits of a demographic dividend. A period of mass unemployment and social unrest is looming unless there is a shift, both internal and external, that at the moment is nowhere to be seen.
https://www.firstpost.com/india/ind...-unemployment-unrest-looms-ahead-2980040.html

 

[faithfulguy]

this is today's news, wondering has all the jobless people applied for the jobs in railway...

Over 2.8 crore people apply for 90,000 railways jobs

NEW DELHI: Over 2.8 crore people will take the online examination for nearly 90,000 jobs offered by the railways in what is being touted as as the world's largest recruitment exercise. In fact, the number of applicants for the scarce government jobs may rise further before the deadline comes to an end today. Around 20,000 more positions are likely to be offered by the railways next month, taking the total number of jobs to 1.1 lakh.

https://timesofindia.indiatimes.com...-90000-railways-jobs/articleshow/63551672.cms

India is unfortunate that its trying to export labor while the rest of world is clamping down on immigration. Sad.

 

[N.Siddiqui]

India is unfortunate that its trying to export labor while the rest of world is clamping down on immigration. Sad.

For Trump it is America first, a nationalist at heart....



Trump administration's H-1B visa norms changes to hit 5 lakh Indian workers in US

https://www.businesstoday.in/sector...rs-jobs-permanent-residence/story/267198.html

 

[sankranti]

Demand for labour will always exist. That is inevitable. Even in the age of AI.

 

[kaykay]

3.1 crore means around 2.5% of total population.....If this figure is correct than It must be lowest ever unemployment percentage. Anyway I think real unemployment rate has been around 4-5% for sometime.

 

[sankranti]

3.1 crore means around 2.5% of total population.....If this figure is correct than It must be lowest ever unemployment percentage. Anyway I think real unemployment rate has been around 4-5% for sometime.

Chinese unemployment is at 4% ....... but they are busy looking at unemployment in India

 

[ashok321]

Chinese unemployment is at 4% ....... but they are busy looking at unemployment in India

Because your Modi came with tall promises which Mr. Xi did not.
On unemployment, even Pakistan scores better than India:

 

[Tokhme khar]

This is exactly what I try conveying to this Indian guy here 'Truth the only defense'.......masquerading around as an Aussie. Look at these Indians today.......they are just climbing over one another like cockroach to get out of the sewer and desperately migrate out anywhere they can!

India is unfortunate that its trying to export labor while the rest of world is clamping down on immigration. Sad.

 

[Viny]

Employment issues will further rise as the rural labour now moves to urban world, where he was previously employed in rural works is now job less in urban world and has to take up odd works. Secondly large mass is now getting educated and coming out of professional colleges, then ever in past. The industrail development is lagging across the globe so the rate at which universities are churning out educated mass is far higher than new job creation. This is can lead to two paths

1. One that most backward people think, thats riots, people revolting, crimes etc due to job less ness.
2. People diverging into new areas of work, we have saw that in 1980-90, when joblessness was high, new educated mass was coming out from colleges, they took new revolution, the IT revolution. So this educated mass if channelized properly might set up new set of innovative industry in India.

Which side we go, majorly depends upon how many opportunities government creates in regard to startups environments.

 

[sankranti]

Because your Modi came with tall promises which Mr. Xi did not.
On unemployment, even Pakistan scores better than India:

View attachment 462688

Provide evidence of your claim. I will be waiting.

 

[ashok321]

Well, this Modi had promised a rose garden to every Indian citizen (before election), now he can not even provide them a single rose.

Indian social ills are of gargantuan proportion for which there is no silver bullet hence stop leaning on charlatan Modi.