Unemployment occurs when a person who is actively searching for employment is unable to find work. The unemployment rate has now become the most important indicator to measure the health of a modern economy. The increase in the unemployment rate slows down the economy that further leads to poverty and negative growth of a nation.
When we talk of India then more than 65% population is below the age of 35 years. It is expected that in 2020, the average age of an Indian will be 29 years. However, unemployment is one of the biggest problems facing India nowadays. According to CMIE’s latest data, the unemployment rate in India rose to 7.2% in 2019.
Moreover, the labour participation rate fell from 43.2% to 42.7% in 2019. Apart from this, many people are working jobs which do not allow them to fully utilize their capabilities and they have very low incomes. Non-availability of jobs matching an individual’s skill and experience and non-availability of adequate remuneration are the main reasons why skilled people are still unemployed in our country. Lack of resources and a huge population are two factors of overall unemployment in India. However, the government has taken many steps to tackle this perplexity. In the 2019 budget, the biggest share is for the MNREGA scheme. Moreover, start-up India, Stand-up India, make in India and Skill-development are some latest schemes initiated by the government. But there has not been any proven improvement. There will be no harmony and prosperity in the country if jobless people do not find themselves a proper solution to their unemployment issues.
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