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‘India needs to aspire for higher growth’, said experts, Joblessness, Slow economy hit Tripura along with nationwide crisis, CMIE reports Tripura’s unemployment rate 30.2%
TIWN June 30, 2019
‘India needs to aspire for higher growth’, said experts, Joblessness, Slow economy hit Tripura along with nationwide crisis, CMIE reports Tripura’s unemployment rate 30.2%
PHOTO : File Photo of Unemployed Youths.

AGARTALA, June 30 (TIWN): Experts including a former Deputy RBI Governor on Saturday said that even an annual growth rate of 7 per cent is not good enough and India requires a much higher rate.India has been witnessing a decline in the GDP growth for the past three consecutive quarters. "India is $2k per capita income, China is $9k, Thailand is $6k. If we grow at 7 per cent annually, the per capita income will be lower than China today even 20 years from now”. It can be mentioned here that the slow economy and joblessness conditions are not only affecting big states but also states like Tripura are highest victims of it. To some extent, Tripura is not getting proper fund to reduce unemployment problems. With the rise of population and alleged insufficient policy of the Govt of India likely to take the country at a major crisis era. In Tripura the unemployment problem is also the biggest challenge for the State Govt which is now hitting at 30.2% unemployment rate. India's rate of unemployment doubled in the past two years, according to the State of India’s environment 2019 (SoE) This has particularly affected young graduates.

SoE in figures was released by Delhi-based non-profit Centre for Science and Environment (CSE) on World Environment Day. The data for it has been provided by the Centre for Monitoring Indian Economy (CMIE), New Delhi.

Young Indians (aged 15-24 years) constitute nearly a fifth of India’s total population, according to the country’s 2011 Census. By 2020, they are predicted to make up a third of the country’s population.

The report notes that the youth (between 20-24 years), who constitute around 40 per cent of India's labour force, have an unemployment rate of 32 per cent.

The unemployment rate among the educated is even worse. The rate among people with at least a graduate degree was 13.17 per cent in September-December 2018, up from 10.39 per cent in May-August 2017.

The Periodic Labour Force Survey for 2017-18 released by National Sample Survey Office too shows that unemployment rate increased with education level.

According to SoE in Figures, 2017, a major cause for high unemployment rates in India is the lack of skills required for jobs that are available. This is worrying because India is a young country — home to 20 per cent of the world's young population — and a major portion of this young workforce, though educated, is unskilled.

Official figures validate this. The Union Ministry Of Skill Development and Entrepreneurship says 4.69 per cent of India’s total workforce is formally skilled, as against 52 per cent in the United States, 68 per cent in the United Kingdom, 75 per cent in Germany, 80 per cent in Japan and 96 per cent in South Korea.

So why do young, educated Indians have poor job skills? One reason is that India has a limited number of quality institutes in spite of growth in the number of higher education providers.

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