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Unemployment in India despite high GDP growth UPSC NOTE

 

  • The Indian economy requires 25 million-plus jobs to be generated over the next five years in order to employ all those who are presently unemployed in this nation.

  • Narendra Modi government has claimed that the Indian economy, judged by GDP, grew at an impressively rapid pace of 8% last year

  • But even if that claim is true, it has not created an adequate number of appropriate jobs going by the current unemployment in India.

  • unemployment rate for people aged 15 years or above may have dipped from 4.2% in 2021 to 3.1% in 2023, but this is not commensurate with the rapid GDP growth rate of 8%.

  • India’s growth in the last two years has been pushed via a significantly large Budget deficit for funding the government’s massive capital expenditure. 

  • But this has not been done by structural investments in the industrial, agricultural, and service sectors.

  • During the last decade, this government’s economists have frequently called for the “next generation of reforms” to accelerate national economic growth. 

  • It remains to be seen if this is possible as the BJP has lost its majority in Parliament and its allies do not have the same economic perspective as the BJP.

  • Moreover, in agriculture, 92% of the jobs are in the unorganised sector. 

  • In industry and services, 73% of the jobs created are in the small- and medium-informal sections. 

  • The government and formal private sector account for a mere 27% of jobs. 

  • Thus, India now needs a new long-term economic strategy — a tall order as the BJP lacks a cohesive majority in Parliament and has no economist to speak frankly to the relevant Ministers.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Unemployment in India despite high GDP growth UPSC NOTE
Unemployment in India despite high GDP growth UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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