Shocking Revelations from the India Employment Report 2024
Unemployment Peaks Amid Election Atmosphere
In a startling revelation, the International Labor Organization (ILO) has exposed the grim reality of India’s employment landscape. Despite being the youngest nation globally, India faces an unprecedented crisis: 83% of its total unemployed population are young people. Let’s delve into the details:
The Youth Dilemma: Educated and Jobless
ILO’s India Employment Report 2024 reveals that out of every 100 unemployed individuals in India, a staggering 83 are youth. Most of these job seekers are educated, having completed at least 10th standard education. Shockingly, the number of educated unemployed youth has doubled since 2000, rising from 35.2% to a whopping 65.7% in 2022.
Raghuram Rajan’s Warning Echoes
- Former RBI Governor and renowned economist Raghuram Rajan had cautioned against celebrating India’s economic growth without addressing fundamental issues.
- The ILO report concurs: School dropouts after secondary education remain high, particularly in economically disadvantaged states.
- While higher education sees increased enrollment, the quality of education remains a cause for concern.
Income Decline and Minimum Wages
Regular workers and self-employed individuals have witnessed declining incomes since 2019. Casual laborers in the unskilled workforce continue to struggle, with inadequate minimum wages in 2022. States like Bihar, Uttar Pradesh, Odisha, Madhya Pradesh, Jharkhand, and Chhattisgarh face a dire employment situation.
India’s Demographic Dividend at Risk
With 27% of its population comprising youth, India should be reaping the benefits of its demographic dividend. However, widespread unemployment threatens to squander this potential.
Read the Full Report: India Employment Report 2024
