Explain: there were more seekers of jobs than employment?
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India may be the fastest growing major economy in the world but that may mean little to the country’s 127 crore people, many of whom continue to struggle to find the right kind of jobs.
India’s unemployment rate stood at 5 percent in 2015-16 compared to 3.8 percent in 2012-13, according to the fifth annual survey of employment-unemployment published by ministry of labour and employment. At first glance, that seems like a reasonable unemployment rate for a country the size of India. However, a separate quarterly survey conducted by the government on jobs being created in key sectors tells a different story.
For a country where 1.2 crore people enter the workforce each year, the pace of job creation remains far below what is needed even though the economy is growing at over 7 percent.
Across eight key employment generating sectors, only 1.35 lakh jobs were added in calendar year 2015, quarterly surveys of employment showed. In other words, jobs created were equal to only 1 percent of the addition to workforce. These sectors include textiles including apparels, leather, metals, automobiles, gems & jewellery, transport, information technology and handlooms.