While population has increased and unemployment rate has fallen, India is still lacking full-time jobs. Younger men and women are struggling to find work.
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Economists say more and more job-seekers, especially the young, are looking for low-paid casual work or falling back on unreliable self-employment, even though the broader Indian economy is seen growing at a world-beating 6.5% in the financial year ending in March 2024.with over 1.4 billion people. Nearly 53% of them are under 30, its much-touted demographic dividend, but without jobs, tens of millions of young people are becoming a drag on the economy.
The risk for India is a vicious cycle for the economy. Falling employment and earnings undermine India’s chances to fuel the economic growth needed to create jobs for its young and growing population."The fact that we have so many people who have been educated, have spent a lot of their own or family's money but are not being able to find"It's not just the question of potential loss to the economy...it is a lost generation.
For people in urban areas with full time jobs, average monthly wages, adjusted for inflation, stood at $212 in the April-June 2022 quarter - the latest period for which government data is available.
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