Unemployment Crisis in India
The article discusses the pressing issue of unemployment, particularly among the educated populace in India, highlighting the socio-economic implications and statistical insights.
Context and Background
- Election Discussions: Unemployment is often overshadowed by issues like corruption and caste equations in electoral debates.
- Personal Account: Gautam Sharma, a BTech graduate, finds higher earnings as a ride-hailing driver compared to his initial job in a firm.
Scale of the Problem
- Unemployment Among Educated:
- In 2017, over 12,000 candidates, including engineers and lawyers, applied for 18 peon positions in Rajasthan.
- In 2024, 46,000 graduates applied for contractual sanitation jobs in Haryana.
- Two out of five IIT graduates in 2024 did not receive placements.
- Female Unemployment: One out of five educated women is unemployed.
Employment Trends and Statistics
- Workforce Entry: 70-80 lakh youth join the workforce annually, facing job scarcity.
- Corporate Job Cuts: Over 64,000 jobs cut by major IT firms in FY24.
- Internship Shortfall: PM Internship Scheme's low success rate, with less than 5% securing internships.
Unemployment Data and Wage Stagnation
- Unemployment Rate: Union government estimates a 4-6% rate; however, surveys suggest underreporting.
- Discrepancy in Data: PLFS counting one hour of work per week as employment skews figures.
- Stagnant Wages: Fresh graduate salaries remain at Rs 3-4 lakh per annum; sluggish growth in key sectors.
- Sector-Wise Growth:
- IT: 4% CAGR
- Banking and Financial Services: 2.8% CAGR
- Engineering and Manufacturing: 0.8% CAGR
Societal Impact
- Suicide Rates: In 2023, daily suicides included 34 private sector employees and 39 unemployed persons.
Conclusion
The article underscores the severe unemployment crisis among educated Indians and its socio-economic repercussions, urging recognition and resolution of this crucial issue.
