Jitendra Maurya was one of nearly 10,000 unemployed young people who showed up for interviews for 15 low-skilled government positions in Madhya Pradesh, India's central state. Many of them were highly qualified - hopefuls included post-graduates, architects, MBAs, and persons like Mr Maurya, who is studying for a judge's exam, according to one report. 

"The situation is such that there are instances when there is insufficient funds to purchase books. So I figured I'd get some employment [here] "He told a news organisation. The situation of Maurya draws attention to India's severe job shortage. The pandemic wreaked havoc on Asia's third-largest economy, which was already suffering from a long-term decline. It's currently on the mend, thanks to pent-up demand and higher government investment.

However, career opportunities are dwindling. According to the Centre for Monitoring indian Economy (CMIE), an independent think tank, India's jobless rate increased to nearly 8% in December. In 2020 and for the majority of 2021, it was over 7%. "This is far greater than almost anything seen here in india in the last three decades, including the huge [economic] crisis of 1991 [when the country ran out of currency to pay for importation]," says kaushik Basu, the World Bank's former chief economist.

In most nations, unemployment increased in 2020. However, India's performance outperformed most emerging nations, including bangladesh (5.3%), mexico (4.7%), and vietnam (2.3%), according to Prof Basu. According to the CMIE, even taxable jobs have declined. Part of this could be due to companies reducing their employment and cutting costs as a result of the pandemic. According to Azim Premji university research, young workers between the ages of 15 and 23 were the severely harmed during the 2020 shutdown.

Economists claim that the epidemic is only partly to blame for the employment losses. "What happened in india underlines the fact that policy is formed with little regard for the well-being of people and small enterprises," Prof Basu added. For starters, these depressing headline figures do not reveal the whole picture regarding India's continuing unemployment.

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job crisis india

G GOWTHAM

07/01/2022 03:04 PM