There May Be No Jobs For You Soon. Read Why.
Jobs are a major concern in the country and the job creation has fallen to an 8-year low level. After coming to power in 2014, Modi had promised to create 1 crore jobs every year. Three years later it remains unclear how many positions have been created.
New jobs in eight sectors of the economy — textiles, leather, metal, automobiles, gems and jewellery, transport, information technology and handloom fell to a six-year low of 1,35,000 in 2015 as against 4.21 lakh jobs in 2014 and 4.19 lakh jobs in 2013.
This is also the worst record of new jobs in October-December quarter in last six years, registering a decline of 20,000 compared with a rise of 1.17 lakh jobs in the same period in 2014, according to statistics by Labour Bureau.
A new data suggests that India's unemployed youngsters are not looking for jobs. In January 2017, there were 408.4 million employed people in the country while those who were unemployed and seeking jobs were 25.9 million.
Seven months later, by the end of July, the number of employed fell to 405.4 million. But the number of those looking for jobs also fell to 13.7 million, according to a report by Centre for Monitoring Indian Economy.
Maybe, people are encouraged by the government’s start-up plan and are turning entrepreneurs. Eighty three per cent of the Indian workforce would like to be an entrepreneur, according to the Randstad Workmonitor survey. The government has launched several schemes to promote entrepreneurship and the young population wants to work for themselves.
India adds nearly 10-12 million workers every year. A research by CRISIL showed that in the last three years, sectors with a substantive share in employment - agriculture, construction and manufacturing - have been lagging overall GDP growth due to which experts have labelled India's economic growth as 'jobless'.
Employers have changed their demands from employees over the time. Re-skiling is the key to land your favoyrite job, which could be a reason why people have temporarily stopped seeking jobs to train themselves further for getting market ready.
The job market is dull and the recruiters are expecting GST to revive the job market over the next six months which could help Modi bid for elections in 2019.
