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| Growth speed and Decreasing Employment | | | Vijay Garg
The scale of economic development of the country should be something like this, which has growth in gross domestic production, economic equality, increase in income per capita, decline in poverty and starvation, decrease in social inequalities, availability of employment and per capita prosperity. In a rich democracy economic system should be such, where the main objective of the system is economic growth and all round development of all sections of the society is possible. The model of development should be such, in which employment opportunities, upliftment of the poor and prosperity of the farmers and low the rate of inflation. India’s economic growth rate continues to rise. In the coming three years, the country is expected to become an economy of five trillion dollars. It is being said that by the year 2027, India will become a country with the third largest economy in the world. According to the Asian Development Bank, India’s GDP is likely to grow at a rate of 6.5% in the current fiscal and 6.7% in 2026. In such a situation, it becomes necessary to pay attention to the major aspects of the Indian economy that is fast moving. The biggest challenge before the Indian system is inflation, unemployment, starvation, economic inequality, decreasing resources, and increasing population. On one hand, it is said that the economic development of the country is moving rapidly, on the other, the increasing unemployment rate became a matter of concern Is. It’s a great pleasure to have you. Unemployment is a serious issue at the moment, the entire development of the country is I inhibitor. The same economy is considered balanced, with economic growth as well as new employment opportunities being created. Employment opportunities are declining in organized and unorganized sectors. 18 lakh unorganised enterprises of the manufacturing sector have been closed during July 2015 to June 2016 and October, 2022 to September, 2023. Due to this, jobs of about 54 lakh people went away. India is the largest country in the world in terms of total workforce and population in rural and urban areas. Here the population of youth is more than other countries. According to the recent report of the Ministry of Statistics and Programme Implementation, the unemployment rate in men in the country is 5.6%, while women have 5.8%. Among the youth aged 15-29 in the country, unemployment increased from 13.8% in April this year to 15% in May. The unemployment rate in urban areas increased from 17.2% in April to 17.9% in May, while in rural areas it was 13.7% in May compared to 12.3% of April. The economic inequality is also higher than other countries despite we have high population and manpower capacity here. With growing unemployment in the country, the road to economic inequality development is a big roadblock. There have been some shocking facts in a rump of the Axfam 2024. According to this, economic inequality has been increasing in the world, including India for the past several years. It’s very frustrating and worrying thing for the economic system Is. In case of economic inequality, there is no particular improvement in the context of India. According to data, forty percent of India’s net worth is owned by a percent of the rich people in the country. At present twenty-one richest billionaires of India have more assets than seventy crore people in the country. Half of the population has only three% of the country’s net worth. Here’s the number of billionaires growing steadily. in the year 2020 in the country 102.
There were billionaires, in 2022 in 166 and 2023, the figure has reached close to 200. Such economic inequality increases poverty, unemployment and starvation and stops the universal development of the country. If look into unemployment data in India, efforts to overcome it look hopeless. The fluctuation in the unemployment rate has far-reaching impact on the development of the country. According to India Skills Rapat-2025, employment qualification among graduates in India has increased to 54.81%. At the same time, the rump of the ‘National Institutional Ranking Framework’ shows. that fifty lakh youth in India would turn to higher education every year with about nineteen-twenty years of age. These young men complete their graduation by about 24 years of age. While forty-four percent are unemployed at a graduate level in young people under twenty-five in India. Unemployment is 22.8% after studying masters or whose age is between twenty-five and thirty-nine years. Similarly, unemployment is 9.8% in educated youth of thirty to thirty-five years of age. The unemployment rate is about five% in educated people above this age. The country has witnessed a steady increase in unemployment rate over the last ten years. In the year 2014 it was 5.44% and eight% in 2020. In October of the year 2023, the unemployment rate had reached 10.1%. The participation of Shrambal in India is about 46%. If you look at the growing unemployment in the country, many reasons for it are clearly seen. Population growth is the major cause in these. Economic difficulties arising from Covid pandemic, lack of business skills, poor educational achievements, low productivity in agriculture sector, low investment in manufacturing sector and inadequate infrastructural development limits job opportunities in the secondary sector. The economic growth rate in India increased, benefited from industries, the sensory index also surged, but there was no expectations change in employment opportunities. Foreign companies under the government Muhim ‘Make in India’ are unable to prove successful in providing adequate employment to the youth on putting up industry here for the purpose of selling their products in India. The highest employment opportunities in India create small micro-and middle-class industries. According to an estimate, small and medium industries in the country provide a total of forty percent of jobs. These sectors are also not able to get expectations incentives from government policies. The highest number of sixty% of manpower in India is in rural areas. At present times the rate of employment in the country is forty percent. That is, work is available for only forty of the hundred people on here, the rest of the sixty people have no work. Surprisingly, when economic growth in the country progresses rapidly. Moving forward, then why are the employment sources declining. Lowering the availability of employment in the country seems to cause the talent-rich youth to migrate to other countries, which damages the country in many ways. It is important. That sincere efforts should be made towards creating employment, bringing economic equality and to utilize manpower of talent-rich youth by preparing a clear plan.
Vijay Garg Retired Principal Educational columnist malout Punjab |
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