Unemployment Crisis in India:Amidst all the problems that exist in India, the unemployment crisis is at the topmost position.
A report by the Centre for Monitoring Indian Economy (CMIE) reveals India’s unexpected increased unemployment rate to 24% in April 2020, then decreasing to 9.1% in December 2020 and 6% in January 2021.
The number of unemployed people might have decreased over the period, but unemployment still remains an unsolved problem in India.Before jumping onto the solutions to the above problem, let’s understand its types, causes and equal impact on the country’s economy.
Types of unemployment crisis in India:Disguised Unemployment: when organizations hire employees more than they need.Structural Unemployment: when employees’ skillset mismatch with their job roles due to the unavailability of jobs in the market.
Seasonal Unemployment: when people do not have work during certain seasons of the year, like labourers in India rarely earn through daily wage jobs throughout the year.Vulnerable Unemployment: when people are employed but informally- without proper documentation, job contracts, and their employment is not even recorded, and so they don’t contribute to India’s GDP.
Also Read: Now Stop Working Just To Pay Bills And Transform Your Passion To Profession!Solutions to unemployment crisis in India:1.