Unemployment blog
-: Unemployment :-
Unemployment casts some short-term ripples throughout the economy by reducing an individual’s contribution in terms of services and taxes. The unemployed also does not possess purchasing power, thus in effect contributing to bringing down the demand for goods in the market and creating more unemployment. This vicious cycle creates a cascading effect throughout the economy and trickles down to different social strata. India currently has a population of about 1.25 billion. According to a recent United Nations Development Programme (UNDP) report, during the period of 1991 to 2013, the Indian economy has experienced maximum growth and yet less than half the number of Indians seeking jobs have managed to land one during this period.
A little push in the right direction can make a big difference. But are the institutions aware of this? Probably not. The best solution to overcome this problem is to vocationalise the education system. India lacks in the field of entrepreneurship and thus, must focus on producing entrepreneurs. They also promote capital formation and employ resources leading to value addition to a specific industry. According to the present situation, among all the nations of the world the number of students enrolled in higher education in India is the highest, but is it valuable? The youth are getting jobs quite lower than their qualifications or are forced to become the brains of other countries and become productive for other countries because they get more job satisfaction and salary there than in India.
Indian economy is also being hampered due to this problem. It is essential therefore that the economic policy of the country be overhauled. We have to create new avenues in cottage and small scale industries. Besides this, efforts must be made to promote the knowledge of family planning. Gradually the older system of joint family is breaking up and people are opting for nuclear families. Thus, there is a need to create employment opportunities for almost all, while in the joint family the scenario would have been something else.
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