Saturday, May 25, 2024
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India’s Unemployment Rate from 2008 to 2024: Current Figure, Historical Trends, and Other Information

Unemployment is one of the major concerns that most people suffer or have suffered. It is no doubt being unemployed is one of the complex issues that if originated within one’s life can disturb everything.

We work hard to let ourselves live easily- to eat well, wear good clothes and accomplish all of our day-to-day needs and even luxuries. But somehow not all can live their dreams because there are still people who are unemployed and feeling pain.

Among different countries, India is facing a particular challenge and this is all due to the continuous increase in the population. We can say India’s unemployment rate is speedily increasing and making people suffer a longer way both mentally and physically.

But have you ever wondered or discussed the different causes of India’s unemployment rate? We are sure you at some point must have thought about it, either with your friends, and families or even in another group discussion.

However, we have found out the top reasons and let us find out whether it matches your thoughts or not.

Underlying causes of India’s unemployment rate

There is no doubt that India’s unemployment rate has fluctuated for the past 16 years upon reflecting the trends, policy changes and even global events.

But before discussing them all, we want you to know the actual reasons why India’s unemployment rate increases and makes people suffer a longer way.

Some economic factors

Recession

One of the top causes of India’s unemployment rate increment is the recession. This mainly occurs when the economy becomes weak, business tends to hire only a few workers and this leads to unemployment.

Slower economic growth

Even without a recession, a slower growth rate can also limit jobs and cause people to suffer causing unemployment.

Changes within the industry structure

Some industries rise and some go down. This leads to the workers having an impact towards their jobs and at some point, they even lose. 

This is yet another major cause of India’s unemployment rate increment.

Undergoing technological advancements

The role of automation mainly includes the use of robotics and artificial intelligence, that can replace humans. This in turn leads to the loss of jobs within many industries.

Often changes in the workplace technologies can also make certain jobs less. This makes workers learn new skills and work accordingly and tends to remain employable.

Implication of government policies

If there are higher minimum wages, then it can restrict industries from hiring more and more workers due to lack of money.

Some of the immigration policies can also be one of the causes as they can increase the labour supply. This makes it harder for some of the native individuals to find the relevant job for them.

Distinct factors

Lack of skills and education, it may become hard for you to find the right job and to earn good.

There can be discrimination based on gender, caste, colour and even age.

Some of the personal challenges can also make you suffer like some health problems, lack of transportation, and even children’s responsibility can make it difficult.

All of these are the different causes that can contribute to India’s unemployment rate increment.

However, if we come to the current figures then, we have found as of January 2024 India’s unemployment rate stands around 6.57% (source: Centre for Monitoring Indian Economy).

However, it has been found that there has been a decrease as compared to the previous year which is 8.18%.

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Historical trends relating to India’s unemployment rate

When it comes to determining the historical trends then we have found a number of those to let you stay informed.

Year: 2008-2012

The rate has been found 5-6% while marking a comparatively steady period.

Year: 2013-2018

In these particular years, there has been a gradual increase witnessed contributing a slower growth towards the economy.

Year: 2019

It witnessed a sharp spike of around 10.20% and this was due to the job losses (demonetization and implementation of GST).

Year: 2020

This year, when COVID-19 impacted the rate turned around to be 23.50% and this was the highest record marked.

Year: 2021-2023

A gradual decrease was witnessed to 7.33% in 2022 and 6.78% in January 2023 and this even indicated some recovery as well.

It has been found that youth faces a gradual increase towards the higher unemployment rate in India.

In other cases, women have a higher unemployment rate when compared to men.

Summary

The control over India’s unemployment rate should not be overlooked because this can kill one’s life. But there is a need to create sustainable economic growth and creating quality jobs can address the issue while saving lives. In this manner more and more jobs can come up and in turn offers opportunities to people live up an easy life.

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