India’s Unemployment Rate is the Highest in 45 Years
The deterioration of the employment situation is inciting the Indian economy.
The country’s unemployment rate in 2018 (the urban male unemployment rate, etc.) has the highest level of statistics in 45 years, and the deterioration of employment in urban areas is particularly serious. The cultivation of industries that create a large number of jobs, such as manufacturing, cannot keep up with the pace of population growth, which has also become the cause of sluggish consumption. Boosting employment has become an important issue for the 2nd Modi regime.
Every few years, India publishes an unemployment rate in four categories: urban, suburban, male, and female. As of June 2018, urban men’s unemployment rate was 7.1%, and suburban men were 5.8%, an increase of about 4 percentage points from the previous survey six years ago. Urban women’s unemployment rate is 10.8%, and suburban women’s is 3.8%.
The unemployment rate of urban women has reached its highest level in 40 years, and the unemployment rate of urban men, suburban men and suburban women has reached the highest level in 45 years with statistics. The overall unemployment rate in India is 6.1%, but due to statistical constraints, it cannot be compared with the previous one.
As the unemployment rate rose, Indian Prime Minister Modi set up two committees to discuss employment policies and growth strategies immediately after the second regime came to power. In his campaign promise, Modi proposed the goal of cultivating 50,000 start-ups by 2024 and plans to step up to achieve this goal.