India is considered to be the fastest-growing economy in the world. However, is this enough to satisfy over 135 crore people who are looking for jobs?
To answer this, let us first go through the changes in the Unemployment Rate of the past decade. From 2010 to 2020, the annual unemployment rate has changed from 5.64% to merely 5.36% (Source: World Bank). This might seem like a significantly low figure, especially for a developing economy; however, a large number of the population is still in the look-out for jobs. The irony of the situation is that on one hand, people are in dire need of jobs, the other hand holds employers who seek to find motivated employees.
According to KR Shyam Sundar, a professor of Human Resource Management at XLRI, the official statistics do not necessarily reflect the on-ground situation of the country where jobs are cut due to multiple factors. With the fluctuations in the economy and the imbalanced foreign trade, the Indian factories, and industries, at times, find it very difficult to retain employees and hire workers.
Why is this happening?
Our country does not have any Employment Policy. This is considered to be one major factor because of which there is no constant in any sector. Moreover, there is no proper nature of employment. People, after 6-10 months of work in factories, are again ‘unemployed’. A bulk of the population gets employed mainly on a contractual basis, and hence, once it ends, people are again in the search for jobs. But the question remains, do these people find the jobs that they are looking for or do they have to settle for something?
In the majority of the cases, people do not get jobs in their area of interest. With most things revolving digitally, at times people get confused over which job is more trust-worthy, or which one they should apply for. Similarly, most employers are in a dilemma over where to correctly advertise their vacancy for getting self-motivated individuals who are passionate about the field-work.
What to do now?
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