Reportedly, in the last month, Prime Minister Narendra Modi won a solid mandate in the Indian parliamentary elections. But Modi’s administration has its work cut out for the next term as India’s economic development has considerably declined, falling behind its competitor China, and its joblessness rate is at a 45-Year peak, as per to recent data. Tame job creation in South Asia’s biggest economy was one of the troubling issues at Modi’s first 5-Year tenure, a truth that was constantly criticized by the opposition party during the election campaign.
The economists said to CNBC that India needs to create more new jobs, which can be achieved only with recovered policy-making at the state level and the central government, which is led by Modi’s administration. India’s NSO (National Statistical Office) in recent time issued the periodic labor force review for the period from July 2017–June 2018. It demonstrated that the unemployment pace was at 6.1%, which was significantly greater than the 2.7% recorded in the past survey between July 2011–June 2012. In the meantime, the labor force participation pace was at 36.9%, with an excessively lower proportion of women searching for work during the survey time. That number was moderately lower than several other OECD (Organisation for Economic Co-operation and Development) countries.
Similarly, recently, SoE (State of India’s Environment) in Figures reported India’s unemployment rate has doubled in 2 Years. This has mainly affected young graduates. As per the report, the unemployment rate has climbed from 4% to 7.6% in the last 2 Years (May 2017–April 2019). In April 2019, the unemployment rate was the maximum in 2 Years. The rate for the rural region in this month was also at the peak in this period. Reportedly, SoE figures were published by Delhi-based non-profit CSE (Centre for Science and Environment).