Achi news desk-
GUWAHATI: An International Labor Organization report has revealed the rise in unemployment rates in India, along with the quality of employment of the Indian workforce.
The India Employment Report 2024, released yesterday, revealed the harsh reality of the Indian labor market, noting that the labor force participation rate in India, along with the unemployment rate, showed a long-term decline from the turn of the century in 2000 to 2019 but improved thereafter, especially the participation rate The women in the labor market in rural areas.
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The report also stated that the Indian youth unemployment rate was higher among educated youth, especially women, and said, “The youth unemployment rate was more persistent among youth with higher levels of education. Unemployment among youth with a high school or high school education was 18.4 percent in 2022 and 19.7 percent in 2023. Among youth with a master’s degree or higher, the unemployment rate was 29.1 percent in 2022 and 28.2 percent in 2022. While young women with a bachelor’s degree or higher experienced an unemployment rate of 34.8 percent in 2023.”
The report further revealed that self-employment and casual employment were more common in India and that almost 82% of the workforce is engaged in the informal sector, and almost 90% are informally employed, which has seen an increase since 2019.
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Furthermore, wages and earnings remained stagnant or declined, with nearly 62% of unskilled casual agricultural workers and 70% of such workers in the construction sector not earning the minimum daily wage set in 2022.
“While the wages of casual workers maintained a modest upward trend during 2012–2022, the real wages of regular workers remained flat or fell. The real earnings of the self-employed also declined after 2019. Overall, wages remained low. Up to 62 percent of casual agricultural workers are unskilled And 70 percent of these workers in the construction sector at the all-India level did not receive the prescribed minimum daily wage in 2022,” the report said.
With a large portion of the population of working age, India is expected to be in the potential demographic dividend zone for at least another decade, the report said. However, the youth population, which stood at 27% in 2021, is expected to decline to 23% by 2036, with about 7 8 million youth are added to the workforce every year, whose productive utilization could lead India to reap a demographic dividend, the report said.
