The independent institute advising the PM on jobs seems to have missed the point that the challenge is to create net additional jobs, says Mahesh Vyas.
The labour force fell from 43.97 crore in 2016-17 to 42.61 crore in 2017-18
'If the 7 million estimate is true, then either our understanding of the past was all wrong or the economy has changed dramatically but so surreptitiously that we did not even notice it,' says Mahesh Vyas.
The Union Budget seems to have elicited a starkly opposite view from rural India compared to urbanites, says Mahesh Vyas.
Hopefully, the small recovery in the labour force and employment seen in the September-December 2017 wave will gather momentum in the coming waves, says Mahesh Vyas.The challenge, says Mahesh Vyas, is to find the corresponding jobs for these aspirants.
More people felt optimistic about their economic condition in November than in the same month a year ago, says Mahesh Vyas.
'In India, a large proportion of the labour force does not have a regular job.' 'People are mostly employed as daily wage workers, agricultural labourers, small farmers and self-employed traders.' 'These move in and out of "jobs" fairly rapidly.' 'It is the high proportion of these workers in India that makes unemployment volatile,' explains Mahesh Vyas.
There is an attempt to brush aside the results of all surveys that point to a deteriorating jobs situation. This is counter-productive, says Mahesh Vyas.
There is an attempt to brush aside the results of all surveys that point to a deteriorating jobs situation. This is counter-productive, says Mahesh Vyas.
Rising unemployment rate reflects a rise in the labour participation rate, which in India's case has been worryingly low.
'Of the 9.5 million unemployed who stopped looking for jobs, nearly seven million were young.' 'Is it possible that the young decided to continue with studies rather than look for jobs?' asks Mahesh Vyas.
As of the week ended July 2017, the unemployment rate was 3.1 per cent. This is the lowest unemployment rate recorded. Rural unemployment was also very low at 2.8 per cent.
It is necessary that at least three million additional jobs (if not more) are created every year to ensure that there isn't an increase in the stock of unemployed, says Mahesh Vyas.
Violence is just too stark, too TRP friendly and so it gets a lot of attention in the media. But the crime of discrimination is much worse because it is much greater, it attracts no attention and it has no recourse, says Mahesh Vyas.
'Falling labour participation rate is common in the ageing populations of the developed world.' 'But India is a country with a young population.' 'It is imperative that the labour participation increases.' 'We need a larger labour force to increase our per capita income level,' points out Mahesh Vyas.
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