New Delhi: Experts believe that the unemployment situation in India now is worse than at any time in recent memory. Amid the concerns of coronavirus pandemic and low Gross Domestic Product (GDP), India's unemployment rate is at a continuous hike. As per a report by the Centre for Monitoring Indian Economy (CMIE), India recorded an unemployment rate of 24.3 per cent till May 24.
The issue of unemployment and underemployment has been an unavoidable topic in India's politics and slower economic growth has translated to poor employment numbers.
As per experts, the government has failed to provide relief to the farmers as well as was short at meeting the expectations of youths and middle-class voters. According to the CMIE's report, more than 2.7 crore youth lost their jobs in April amid nationwide lockdown.
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However, the rise in the rate of unemployment did not develop overnight. In the past five years, according to the Employment and Unemployment Survey which was conducted by Labour Bureau under Ministry of Labour and Employment, the unemployment rate of India touched 4 per cent in the financial year 2012-13, 3.40 per cent in the financial year 2013-14, and 3.70 per cent in the financial year 2015-16.
Whereas, the annual Periodic Labour Force Survey (PLFS), conducted by National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation, reflected that the financial years 2017-18 and 2018-19 experienced the unemployment rate of 6 per cent and 5.80 per cent respectively. The worker population ratio in the financial year 2018-19 was 35.3 per cent.
This unemployment rate was estimated on usual the status (principal status+subsidiary status) based on the age group of 15 years and above across the nation.
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Meanwhile, the government has taken some steps to create employment opportunity to boost the economy over time. These steps include encouraging private sector of the economy, fast-tracking various projects involving substantial investment and increasing public expenditure on schemes.
