The government of India is being criticized by the opposition parties for the slow rate of job growth in the nation. Even though India’s growth rate is around 7 percent, applications for government jobs are increasing in some states. That’s why the opponents say that despite the growth, there is no employment in this country.
Last Friday, Congress leader Rahul Gandhi said that India’s small-scale industries have been destroyed due to power grabs in the hands of a few companies. It has reduced people’s job opportunities. The following day, Mallikarjun Kharg, the president of the Congress, stated that India’s unemployment rate has grown significantly. In particular, the future of the youth lies primarily with the Modi government. Reported Economic Times.
Raghuram Rajan, former governor of the Reserve Bank of India, said that in view of the increase in applications for government jobs, it is important for the government to give importance to the expansion of the labor-intensive industrial sector to create jobs in the coming days. Earlier, Rajan warned that there are few job opportunities in India. He said this human resource cannot be utilized.
The manufacturing sector’s percentage of India’s GDP was 16% in 2014โ15 but dropped to 15.8% in 2023โ24, according to data from the country’s central government. In the middle period, it was 16โ17%. According to Congress president Mallikarjun Kharge, the current administration is to blame for the rise in the number of applications for government jobs.
Rajan claims India’s inequality has increased in terms of unemployment and job opportunities. Some people have a lot of money and are living happily. The purchasing power of the poorest members of society has not, however, returned to its pre-epidemic level.
“It’s unfortunate,” Rajan added. Many people may believe that a 7% growth rate can create many jobs. However, if we look at the manufacturing sector, investment plays a big part in creating jobs. He claimed that up to 75% of the investment potential in the private sector is being utilized. The private sector also feels that there is no need to use full capacity.
And in this particular context, the former Reserve Bank governor brought attention to the issue of numerous applications for a small number of open government positions. He said India’s growth will be 6 to 7% in the medium term. However, job opportunities for those from the backward classes have decreased in India. That requires the immediate creation of a massive number of job opportunities. Forget the government statistics and look into the matter; the picture will be clear.
In particular, India has an extremely high rate of youth unemployment. According to the country’s Center for Monitoring Indian Economy (CMIE), the youth unemployment rate in India between the ages of 20 and 24 is 45.4. This statistic is dangerous, according to Indian economist Kaushik Basu. He thinks that if the youth unemployment rate is so high, they can be used to achieve various political objectives.
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