Udyog Sanchetana - April 2024
Virendra Grover
IITian, Trainer, Editor "Udyog Sanchetana", Career Coach, Author Freelance BLOGGER, Life Member LUB, IEI, IIM, GMA
Udyog Sanchetana is a page on LinkedIn and a Monthly, FREE, eNewsletter since April 2014. Reach out to 118th issue in Hindi at - https://lnkd.in/gPXhzE2U
India's youth account for almost 83% of the unemployed workforce, a recent report said. (PTI File Photo is the cover photo used in this post)
UnEmployment – a Farce Cry or a Crisis ?
April 03, 2024: What’s behind high joblessness among India’s youth, questions a news item in The Indian Express and the headline is “The outlook for millions of young people entering India's labour market every year is grim, according to India Employment Report 2024.
April 04, 2024: Addressing an election rally in South Chennai, former Finance and Home Minister in Govt of India P. Chidambaram stated -“According to recent International Labour Organisation (ILO) report, the unemployment ratio in the country (India) has increased from 35% to 65% and the unemployment rate among the graduates is hovering around 42%. Even among IITians, prevalent unemployment is around 30%” - ?'This election is our last chance to save democracy in India', says Chidambaram (msn.com)
April 05, 2024: Despite being premier institution, IIT Bombay faces a setback as 36% of its latest batch has failed to secure placements, signalling challenges in the job market and raising concerns about unemployment. So much so that India's youth account for almost 83% of the unemployed workforce, a recent report said. (AI generated Photo from India Today)
Are these figures not disturbing; how come the bitter TRUTH is getting revealed so fast day after day, while we hitherto relied only on CMIE data. It’s March 1, 2024 figure stands at 8%.
“Unemployment rate rises to 8% in February 2024"
Unemployment rate in India increased to 8% in February 2024 from 6.8 per cent in January 2024, according to CMIE Consumer Pyramids Household Survey. While the unemployment rate eased in urban India, it rose substantially in rural India. Rural unemployment rate increased sharply to 7.8 per cent in February from 5.8 per cent in January. Urban unemployment rate fell from 8.9 per cent to 8.5 percent.
Unemployment rate increased in February alongside a rise in labour participation rate (LPR) as well as employment rate. LPR in India climbed to 41.4 per cent in February, from 40.6 per cent in the previous month. Employment rate, which is the proportion of employed persons in the working age population, inched up from 37.8 per cent to 38.1 per cent in February 2024.”
Yes, no one can deny UnEmployment, it’s there today and is going to be there in future also, only the NUMBERS will change.
No political party can assure TOTAL employment, though in Opposition they have every right to question the ruling dispensation. Employment is created by INDUSTRY- big or small and budding entrepreneurs called Startups. The government only facilitates through policies and favourable environment.
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A renowned former actress from Bollywood declares assets worth over Rs 1500 Crore while filing nomination for upper house (Rajya Sabha) and a large majority of our public representatives have personal wealth of over Rs 100 Crore and each one is capable of creating a business enterprise to give hundreds of jobs.
P M Narendra Modi during electioneering for the 2014 Lok Sabha elections, promised 2 Crore jobs every year, but where is the proof? The government could never present detailed data in parliament, except a passing reference in the budget session, that referred to 18 Crore new enrolments for EPFO/ESI in preceding 9 years (2014-23).
The government establishment projects figures of Startup, Standup, MUDRA loan beneficiaries and about a dozen and odd other schemes? supporting self-employment. These are all indirect tools to contain unemployment but there is no authentic system to monitor employment and earnings of all citizens.
The CMIE unemployment data normally varies between 5 - 8% that in absolute terms will be in millions, but even few thousand JOBLESS are not desirable in a welfare state that boasts of exceptional economic growth rate. It is estimated that close to 5 Crore new job seekers enter Indian job market every year and on an average 1.15 Crore are enrolled as new entrants during the period 2017-2023 in Employees Provident Fund Organisation (EPFO) records.
Another obligatory registration requirement of new job seekers is for Employees State Insurance (ESI) and both PF and ESI are obligatory only for organisations having minimum 20 employees. However, those engaged by enterprises employing less than 20 or self-employed as security guards, taxi and auto drivers, street vendors, labour engaged in construction of housing, highways and other infra projects, door delivery services, domestic helps, etc. have no authentic database.
The Indices Speak
Gross Domestic Product (GDP), major investments in industry and infra projects, and share market indices are indicators of economic development that has impact on job creations.
Technological leadership in defence, automobile, nuclear power, renewable energy are also indicator of positive scenario and an example is achievement of Larsen & Toubro – https://lnkd.in/gqq4-7TA
UnEmployment of Engineers
India is setting NEW records in Defence Exports, entered Mobile and Chip industry in a big way and Manufacturing is growing fast that reflects in Share Market. Infrastructure, renovation of Railway Stations, exponential growth in Automobile sector, Power, .....name an area that's not progressing.
In this environment talking of Un-Employment of Engineering graduates (NOT getting Placements) looks ridiculous. The way POVERTY in not lack of money but Opportunities, same is the case with Engagement of Engineering graduates. Every educated person has to learn to EXPLORE opportunities; of course jointly with the Placement Cell of Institution.
And the process should commence early from the time one completes FIRST year. It's never too late...Follow Udyog Sanchetana to get tips for self-career-planning. A book i-Career could be helpful in this mission -
?CAUTION –
UnEmployment of the educated can’t be denied, but playing with figures during general election period is nothing but an effort to create panic and create NEGATIVITY against development.
Director, ENCON
11 个月On the contrary - I will say their is dearth of good engineers in the country. JOBS are in plenty for who are knowing engineering and willing to do hard work.
Nutritionist ||Aspiring dietician || Msc Food And Nutrition || Banasthali 23" || Amity 25" || health and career tips
11 个月true that ...there are lot of opportunities out there which people can avail and earn , as we have an upgrowing trend of startups . students should stop depending on institutes for placements and jobs , instead they can have their startups and employ others along. In last few years India has seen a boom of startups which states a huge opportunity of employment , even the odd job workers who are working o daily basis considers themself unemployed .....how is this even possible . People should open their eyes and be vigilant for the opportunities around . this is a fact that India is the most populated country , but instead of sitting and crying UNEMPLOYMENT UNEMPLOYMENT , people should stand on grounds and look for what is best they can do .