Question

What is the nature of unemployment in India

Answer 1

Answer:

The nature of unemployment in under-developed countries is quite different; it is of chronic and long-term nature. It is now almost universally recognized that the chronic unemployment and under-employment in less developed countries are not due to the lack of aggregate effective demand which, according to J.M. Keynes, was responsible for unemployment in developed countries in times of depression.

Rather it is stated to be due to the lack of land, capital and other complementary resources in relation to the total population and labor force.

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Answer 2

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.