The rising rate of unemployment has been a constant issue to tackle especially for a country like India. As per the data from the Centre for Monitoring Indian Economy shows, India stands at 7.83% in April from 7.60 % in March.
India’s unemployment status
In the urban areas, the rate rose to 9.22 % in April to what it was in the previous month. On the other hand, the rate of unemployment in the rural areas has slipped to 7.18% from 7.29%.
In states like Haryana, and Rajasthan the rate is as high as 34 %. This means that half the people even from the educated sector have no job. The youth are educated but unemployed.
Many economic experts and analysts say that the current rate of unemployment is a result of the slow pace of economic recovery since the time of covid and rising prices of necessities. The job market has been facing a blow for the last two years and at the moment unwilling to hire any new employees. Thus, many educated Indians are either bound to look for alternate options like looking for jobs in foreign countries or moving to the rural areas to take up family professions like farming.
The inflation in the country has been reported to be as high as 6.95 % in March and peak to 7.5% by the end of this year.
With the growth of the population especially the youth who wishes seek better employment opportunities in the country, the rate of availability of the current employment rate thus poses a worrisome situation for all.