Rising unemployment: A crisis demanding urgent action !!!
By : Doruvupaul Jagan Babu : Bureau Chief-South
Special Report : India is grappling with a significant unemployment crisis, driven largely by ineffective employment development policies. Experts warn that immediate corrective measures are essential to address this growing issue
.
Dr. Kaushik Basu, former economic advisor of the World Bank, has highlighted a concerning reality: India’s youth unemployment rate is currently the highest in the world. This alarming statistic underscores the urgency for policy intervention to create sustainable job opportunities for the burgeoning young population.
Adding to the gravity of the situation, official figures from the central government reveal that as of March 2021, there were 979,000 job vacancies across the country. This significant number of unfilled positions points to a disconnect between job availability and employability, further exacerbating the unemployment problem.
The PhD Chamber of Commerce and Industry offers a glimmer of hope, suggesting that there is potential for creating 100 million jobs in the private sector by 2030. However, realizing this potential requires a robust strategy and proactive measures from the government to stimulate job creation and bridge the skill gap among the workforce.
Core reasons for the rise in unemployment include:
Mismatched skills: Many job seekers do not possess the skills required for available jobs, indicating a need for improved vocational training and education reform.
Economic slowdown: Recent economic challenges have slowed down hiring across various industries, limiting job opportunities.
Technological changes: Rapid technological advancements have rendered many traditional jobs obsolete, necessitating a shift towards new skill sets.
Policy gaps: Inadequate employment policies and insufficient government intervention have failed to address the growing demand for jobs effectively.
Addressing these issues is critical for reversing the trend of rising unemployment and ensuring a stable and prosperous future for India’s workforce.
