FIRST THE GOOD news: The unemployment rate has declined postCovid-19 for all education levels in India. But the bad news is that it remains above 15% for graduates and has reached as high as 42% for graduates under the age of 25, according to the State of Working India 2023 report published by Azim Premji University.
Within the higher educated group, the unemployment rate has fallen to less than 5% for graduates who are 35 or older. While this suggests that eventually graduates do find some work, the question arises on what the nature of these jobs is and whether these opportunities match their skills and aspirations.
The report points out that between 2017 and 2021, there was a slowdown in overall regular wage job creation, but formal jobs (with a written contract and benefits) as a share of all regular wage work rose from 25% to 35%. In 2020-21, during the pandemic, regular wage employment fell by 2.2 million.
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