Where are the jobs? Whopping 44% Indians worried over unemployment level, says study

Worry around lack of jobs is not misplaced, as millions enter the job market every year and a majority remain unemployed or underemployed, said study Worry around lack of jobs is not misplaced, as millions enter the job market every year and a majority remain unemployed or underemployed, said a study

A whopping 44% Indians are worried over lack of jobs in India as millions joining the workforce every year are facing difficulties in finding suitable employment, a study has shown. While lack of comprehensive jobs data has made it difficult to ascertain the net job creation in the market, the worry over joblessness is not misplaced, a study conducted by IPSOS showed.

“Worry around lack of jobs is not misplaced, as millions enter the job market every year and a majority remain unemployed or underemployed,” IPSOS said in a study titled ‘What Worries the World’, adding that 44% Indians are concerned about unemployment levels in the country.

Unemployment has been a hotly debated topic in India lately, with one section expressing concern over jobless growth, and the other section saying that enough jobs have been created. Amid contrasting views, different jobs data with conflicting results have led to confusion as well.

While EPFO’s payroll data showed that the job creation rose to an 11-month high of 9.51 lakh, taking the total number to 61.81 lakh since September 2017, the Centre for Monitoring Indian Economy data showed that the count of employed persons has been declining since November 2017. “The count of the unemployed increased by an estimated 1.7 million,” the latest CMIE jobs report said.

Meanwhile, a report published on by Azim Premji University showed that the highest rate of unemployment is among highly educated, while also pointing out that the job creation is not keeping pace with high GDP growth. The report said that jobs growth in India was just 1% in recent years as against 6-7% GDP growth rate. The increase in unemployment is clearly visible all across India but is particularly severe in the northern state, the report titled ‘State of Working in India’ added.

Job creation has also been a topic of political slugfest, with the opposition taking a jibe at Prime Minister Narendra Modi’s promise of creating 2 crore new jobs every year. Responding to criticism, the prime minister said that his government has been supporting small business through its micro-financing scheme. Earlier this year, he had asked rhetorically whether a pakoda-seller, via Mudra scheme, earning Rs 200 per day will be considered employed or not?

Source: Financial Express