Even after doing graduation from a reputed college you can't be sure of a secure future & to get a decent job!

Why is it so?

It happens because the number of job opportunities available for skilled youth is low.

DEFINITION

Unemployment refers to a situation when all those who are able & willing to work at the existing wage rate are unable to get desired jobs according to their skills & qualifications. It is a grave problem for any country because youth is the contributing factor to the development of a country & they are an endless source of energy. Afterall, ultimately what counts is Gross Domestic Product(GDP) of a country, which unemployed can't contribute to.

TYPES OF UNEMPLOYMENT

Unemployment can be of various types. It can be voluntary as well as involuntary. The various types of unemployment are categorised as below:

Disguised Unemployment:

It is a type of unemployment wherein more people are employed than actually needed to accomplish the work.

Seasonal Unemployment:

It occurs during particular seasons of the year.

Structural Unemployment:

It arises from the mismatch between the jobs available in the market and the skills of the available workers in the market.

Cyclical Unemployment:

It is result of the business cycle, where unemployment rises during recessions and declines with economic growth. It is negligible in India.

In 2016, World Bank data predicted that the proportion of jobs threatened by automation in India is 69% year-on-year.

Frictional Unemployment:

The Frictional Unemployment also called as Search Unemployment, refers to the time lag between the jobs when an individual is searching for a new job or is switching between the jobs.

Vulnerable Employment:

People who are deemed as unemployed as they are working informally without job contracts falls under this category.

CAUSES OF UNEMPLOYMENT

Various reasons can be cited for this menace. One is low industrial growth. Inadequate growth of infrastructure & low level of investment restricts employment potential of secondary sector of the economy. Immobility of labour combined with low number of job facilities also adds to this problem. Low productivity in agricultural sector forces people to look for alternative job options. Legal complexities & huge capital investment for start-ups demoralise those who are interested. Education taught in schools are not accompanied by additional skills which are actually required in the business world.

IMPACTS OF UNEMPLOYMENT

All the problems are inter-related & inter-linked. Unemployment leads to poverty & poverty compels people to engage in illegal activities or crime, theft & other wrong means of earning money. Depression, suicide etc.are some of it's effect on people.It leads to deterioration of rich asset of the nation which could add value to progress of nation but instead gets addicted to alcohol, drugs etc. The unemployment rate in India rose to 7.2 percent in 2019, highest of 45- year record according to the latest data compiled by the centre for monitoring Indian economy (CMIE).

SOLUTIONS TO TACKLE IT

Many steps are being taken by government to relieve our country of this problem. NREP, MNREGA, IRDP, JRY are some of the schemes launched by the government to curb unemployment. But still it prevails as enough jobs are not created. Incentives & subsidies have been provided to set up industries in backward areas. Training of rural youth is being done to help rural unemployed. Thus, these measures needs proper execution & it's benefits should be reaped positively by the people. Informal sector needs to be formalised & labour laws needs to be stringent.

Unemployment is weakening the roots of the country & what we need is a strong foundation with zero unemployment rate for not letting the human resources being idly wasted!

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