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Answer:
The unemployment rate in India rose to 7.2 percent in February 2019, the highest since September 2016, and also up from 5.9 percent in February 2018, according to the latest data compiled by the Centre for Monitoring Indian Economy (CMIE).
Explanation:
Types of Unemployment in India
Disguised Unemployment:
It is a phenomenon wherein more people are employed than actually needed.
It is primarily traced in the agricultural and the unorganised sectors of India.
Seasonal Unemployment:
It is an unemployment that occurs during certain seasons of the year.
Agricultural labourers in India rarely have work throughout the year.
Structural Unemployment:
It is a category of unemployment arising from the mismatch between the jobs available in the market and the skills of the available workers in the market.
Many people in India do not get job due to lack of requisite skills and due to poor education level, it becomes difficult to train them.
Cyclical Unemployment:
It is result of the business cycle, where unemployment rises during recessions and declines with economic growth.
Cyclical unemployment figures in India are negligible. It is a phenomenon that is mostly found in capitalist economies.
Technological Unemployment:
It is loss of jobs due to changes in technology.
In 2016, World Bank data predicted that the proportion of jobs threatened by automation in India is 69% year-on-year.
Frictional Unemployment:
The Frictional Unemployment also called as Search Unemployment, refers to the time lag between the jobs when an individual is searching for a new job or is switching between the jobs.
In other words, an employee requires time for searching a new job or shifting from the existing to a new job, this inevitable time delay causes the frictional unemployment. It is often considered as a voluntary unemployment because it is not caused due to the shortage of job, but in fact, the workers themselves quit their jobs in search of better opportunities.
Vulnerable Employment:
This means, people working informally, without proper job contracts and thus sans any legal protection. These persons are deemed ‘unemployed’ since records of their work are never maintained.
It is one of the main types of unemployment in India.
Impact
The problem of unemployment gives rise to the problem of poverty.
Young people after a long time of unemployment indulge in illegal and wrong activities for earning money. This also leads to increase in crime in the country.
Unemployed persons can easily be enticed by antisocial elements. This makes them lose faith in democratic values of the country.
It is often seen that unemployed people end up getting addicted to drugs and alcohol or attempts suicide, leading losses to the human resources of the country.
It also affects economy of the country as the workforce that could have been gainfully employed to generate resources actually gets dependent on the remaining working population, thus escalating socioeconomic costs for the State. For instance, 1 percent increase in unemployment reduces the GDP by 2 percent
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Explanation: