Contributed By: Anshika Pandey (Student Mass Comm Contributor)
The current employment landscape in India is going through rapid changes because of various economic, technological and social factors.
As of current time, India is the fifth largest economy in the world and remains the world's fastest-growing economy, and it is advancing at a brisk pace of 8.2 percent. The extreme poverty has decreased; however, in recent years the speed of poverty reduction has been slowed, especially during the COVID-19 pandemic; but post-pandemic, the correction has since slowly sped up from 2021–22.
Let's talk about employment and unemployment in India. As you may know, India surpassed China as the most populous country in the world, according to the UNFPA's State of the World report. You can probably imagine how things stand right now.
The main question is what is India's employment and unemployment rate?
Reportedly, India's employment rate is 37.8% as of September 2024, while the unemployment rate is approximately 7.5%.
Unemployment is a significant issue that continues to influence the economic landscape of India.
Is employment still a challenge in 2024?
The response is both yes and no. Because no wonder the reasons are interconnected, like the rapid technological advancements, which involve mechanization and artificial intelligence, which day by day replace traditional jobs while creating problems for some people who are unable to adapt, and the uncertainty impact by global events such as pandemic - the major issue, lack of skilled work-force and political unrest in certain states, which continues to hamper job growth.
Furthermore, living costs and material mores are also a major block with many switching jobs frequently. Job dissatisfaction and underemployment, also affect to employment. These challenges or problems reveal the critical need for robust workforce development initiatives, policies, and laws that help to support job growth and skills enhancement and should at least do something for them who deserve to be paid according to their skills and experiences.
Reportedly, unemployment has led to an increase in youth suicide rates in India over the past six years, primarily due to depression and anxiety. Of course, there are various counseling sessions that people can seek help from.
The Indian government has taken a very pro-active action towards providing employment; and working tirelessly towards addressing these challenges through various initiatives. Make in India, Skill India, Entrepreneur drives and programs are such initiatives that strive to improve job prospects, create a supportive and enhanced employability, and foster a business-friendly ecosystem.
A subset of people say that the unemployment problem in India is not due to the lack of jobs rather than the quality of the jobs that are on offer. A headhunting CEO on condition of anonymity said that the problem is not the jobs - the problem is finding the right fit both for the employee and the employer.