India is a land with a large population. India is also a country with the highest number of youths and also people who wish to seek a job. There was an employment issue seen in the past and now in 2022, the unemployment issue has risen again.
This time it happened a few months before the festive season. According to the reports, in rural areas, the employment rate increased from 5.8% to the previous unemployment rate of 7.7% in the month of August 2022. In urban areas, the unemployment rate stood at 7.7% from the previous unemployment rate of 9.6% in the previous month.
There was a decrease in the rate of jobless people to 6.43%. This came out after a survey conducted by the center for monitoring Indian Economy Pvt Ltd. The current unemployment rate is the lowest in the past 4 years (till September 2022). Since 2018, the reading for the employment rate was the lowest. The rate is compared to a year ago when the unemployment rate in India was as high as 8.3%. In the month of September, 10 million jobs were added. In the month of August, there were also cases where the person has entered the field but does not have a job.
This considerable drop in the unemployment rate happened just a couple of months before the festive season. It is also observed that the festive season boosts economic activity and also supports the growth of the economy. According to sources, there was also a boost and demand in the service sectors.
The demand has boosted employment opportunities. As 2024 is the year just before the 2024 elections, the year 2024 will be called the recession year. Usually, in a recession year, there will be a moderate demand in certain sectors. India’s economic growth is believed to be the fastest growing in the world. This will not prove to be beneficial to create more jobs for the people. This will create a disappointment for all the job seekers
The demand for all the jobs will increase by 5.90%. The central bank may increase its 7% growth. This was a forecast made by the officials. There are chances where there will be rhetoric against unemployment.
Read More: A decisive plan by India to take hold of industries from China
