ILO Report Red Flags Youth Unemployment In India, CEA Responds | CNBC TV18

Summary

A recent ILO report indicates India's improved employment rates despite stagnant wages and high youth unemployment. It reveals that 83% of the unemployed are youth, with an increased jobless rate among educated youth during COVID-19. The chief economic advisor, V Anand Nageswaran, suggests that government hiring is not the solution and urges states and the private sector to focus on job creation, advocating for a shift in mindset from excessive government intervention to private sector engagement.

Takeaways

• 📈 India's employment rates have improved recently, but employment conditions remain poor.
• 💼 Wages are stagnating in India, contributing to the ongoing employment challenges.
• 👨‍🎓 High levels of youth unemployment persist, with 83% of the unemployed being young people.
• 📚 The jobless rate among educated youth has increased during the COVID-19 pandemic.
• 📈 The proportion of young people with secondary education among the total unemployed has nearly doubled from 35% in 2000 to 66% in 2022.
• 🏛️ The International Labor Organization (ILO) released a report highlighting these findings.
• 🗣️ Chief Economic Advisor V Anand Nageswaran suggests that massive central government hiring is not the solution to unemployment.
• 🌐 He urges states and the private sector to take more initiative in job creation.
• 🎭 Nageswaran references a 1970s film 'Muhammad bin Tolk' to illustrate the idea that government intervention alone cannot solve unemployment.
• 🚀 The advisor emphasizes the need to shift the mindset from expecting government intervention for every social or economic problem to encouraging the private sector's role in job creation.

Q & A

What is the current state of India's employment rates?

India's employment rates have improved in recent years after a period of long-term deterioration.

What are the main employment challenges in India according to the ILO report?

The main challenges include stagnant wages and high levels of youth unemployment.

How does the ILO report characterize the youth unemployment situation in India?

India's youth account for 83% of the unemployed population, and the jobless rate among educated youth has risen during the COVID-19 pandemic.

What was the proportion of young people with secondary education among the total unemployed in 2000 and how has it changed by 2022?

In 2000, it was just over 35%, and by 2022, it had nearly doubled to nearly 66%.

What is the stance of the chief economic advisor, V Anand Nageswaran, on government intervention in unemployment?

He believes that massive central government hiring is not the answer to India's unemployment problem and urges states and the private sector to do more on job creation.

What does V Anand Nageswaran suggest as an alternative to government hiring to address unemployment?

He suggests that the private sector should take the lead in job creation and that there should be a shift in mindset away from expecting government intervention for every social or economic problem.

What is the reference to the film 'Muhammad bin Tolk' and how does it relate to the discussion on unemployment?

The film is referenced to illustrate the point that merely talking about unemployment is not a solution, echoing the character's approach to addressing problems which is to keep talking about them without providing specific solutions.

What is the role of the commercial sector according to V Anand Nageswaran in job creation?

He believes that the commercial sector, which engages in for-profit activities, should be the primary driver of hiring and job creation.

What does the chief economic advisor suggest the government can and must do regarding employment?

While he agrees that the government can and must hire in some areas, he emphasizes that it should not be the sole solution to unemployment.

What is the implication of the statement 'we need to get out of that mindset' by V Anand Nageswaran?

It implies that there is a need to change the prevailing belief that the government should intervene in every social or economic issue and instead encourage other sectors to take on more responsibility.

What is the context of the statement made by V Anand Nageswaran about the film 'Muhammad bin Tolk'?

The statement is made to highlight the importance of action over mere discussion and to emphasize that while acknowledging problems is necessary, it is equally important to propose and implement concrete solutions.