However, that rate had in 2017-18, already reached 18% on a much higher population of youth (in that same age group). This was the highest unemployment rate India had experienced in 45 years of data collection through labour force surveys. According to an International Labour Organisation (ILO) study, 83% of India's unemployed are accounted for by youth.
There is some evidence in recent years that the attraction of government jobs has only increased, just as the number of non-farm jobs being created in the private sector began to grow more slowly in the past decade.
Evidence from the NSSO indicates that non-farm jobs were growing at the rate of roughly 7.5mn new jobs per annum between 2004 and 2014. This is not surprising, given that the gross domestic product (GDP) growth was at an unprecedented 7.8% per annum over that period. However, the GDP growth rate fell over the past 10 years to an average of 5.8% per annum. Naturally fewer jobs are being created.
Public vs Private
In addition, the specific differences within organised sector jobs between the private and public sectors have always been significant: assured health benefits in the public sector, which may or may not be available to all private regular jobs. Second, the security of tenure is an added benefit in the public sector. Third, the prospect of a lifelong pension after retirement is the biggest difference.
The Indian government has over 40 lakh sanctioned posts, with more than 30 lakh employees and over 9.64 lakh posts currently vacant. This information was revealed in Parliament during the monsoon session of 2023. The Seventh Central Pay Commission has made recommendations that will apply to 33 lakh central government employees, in addition to 14 lakh armed forces and 52 lakh pensioners.
この記事は Outlook Business の September 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Outlook Business の September 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
The New Imperialism
The EU has approved a new environmental regulation that will impact global value chains. Small businesses will have to bear the brunt
VISION FOR THE INDIA OF 2047
In India@100, Krishnamurthy Subramanian argues that India can be a 55trn economy by 2047 if it doubles down on the economic policies implemented in the last decade to grow at 8% annually. Although middle-income trap has plagued many developing countries in the past, he is convinced that India is well-equipped to avoid obstacles in its growth odyssey
BUSINESS MINT: CELEBRATING EXCELLENCE, ONE AWARD AT A TIME
Ensuring that Firms and Entrepreneurs Receive the Recognition they Deserve since 2018
DR. PAVANI KADIYALA: DRIVING INNOVATION AND TECHNOLOGICAL ADVANCEMENT IN EMERGING INDUSTRIES
Celebrating Dr. Pavani Kadiyala's Accolades and Contributions to Emerging Technologies
INSPIRING EXCELLENCE: THE JOURNEY OF NALANDA EDUCATIONAL INSTITUTIONS:
Honoring the Vision of Sri Manthena Suryanarayana Raju Through Innovation and Holistic Development
THE RISE OF VARUN REALTORS
Leading the Charge: Varun Kaliga Named Emerging Real Estate Influencer of the Year for Innovative Impact
R.C. RATUL: BRIDGING THE WORLDS OF ENTERTAINMENT AND REAL ESTATE
The Visionary Behind the Convergence of Entertainment and Real Estate
CYBERABAD BUILDERS ASSOCIATION: LEADING THE CHARGE IN SHAPING
Recognized as the Emerging Builders Association of the Year 2024,’ CBA is setting new benchmarks in real estate and construction excellence in the heart of Hyderabad.
FROM PAPERBOY TO POWERHOUSE: THE INSPIRATIONAL JOURNEY OF VENU KALYAN
Celebrated with the Most Admired Real Estate Sales Coach of the Year 2024’ Award for Transformative Impact and Innovative Coaching
OUTLINE MEDIA: SHAPING TOMORROW'S BRANDING AND ADVERTISING TODAY
Redefining Branding and Advertising