ILO Report Red Flags Youth Unemployment In India, CEA Responds | CNBC TV18
Summary
TLDRA 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.
Outlines
📊 India's Employment Challenges
India has seen an improvement in employment rates after a period of decline, but conditions remain poor with stagnant wages and high youth unemployment. The International Labor Organization (ILO) reports that 83% of the unemployed are young people, and the COVID-19 pandemic has worsened the situation. The chief economic advisor, V Anand Nageswaran, stresses that government intervention alone is not the solution and encourages states and the private sector to take action on job creation. He references a film from the 1970s, 'Muhammad bin Tlak,' to illustrate the point that not every problem can be solved by the government and that it's important to communicate the urgency of issues like unemployment.
Mindmap
Keywords
💡Employment Rates
💡Stagnating Wages
💡Youth Unemployment
💡International Labor Organization (ILO)
💡COVID-19 Pandemic
💡Secondary Education
💡Chief Economic Advisor
💡Government Intervention
💡Private Sector
💡Job Creation
💡Bombay Stock Exchange
Highlights
India's employment rates have improved after a period of long-term deterioration.
Employment conditions in India remain poor with wages stagnating.
High levels of youth unemployment persist in India.
The International Labor Organization (ILO) released a report on India's employment situation.
India's youth account for 83% of the unemployed population.
Jobless rate among educated youth has risen during the COVID-19 pandemic.
The proportion of young people with secondary education among the total unemployed has nearly doubled from 2000 to 2022.
Chief Economic Advisor V Anand Nageswaran discusses the government's role in addressing unemployment.
Massive central government hiring is not the solution to India's unemployment problem.
States and the private sector are urged to do more on job creation.
The government should not intervene in every social or economic problem.
The commercial sector should engage in hiring for profit activity.
The mindset that every social or economic problem requires government intervention needs to change.
The film 'Muhammad bin Tolk' is referenced to illustrate the futility of merely talking about unemployment.
The government can and must hire in some areas, but it is not the only solution.
India may be lacking in capacity in several areas, as suggested by a paper by DH Kapoor.
The Bombay Stock Exchange hosted the discussion on India's employment challenges.
Transcripts
India's employment rates have improved
in recent years after a period of
long-term deterioration however
employment conditions remain poor with
wages stagnating and high levels of
youth unemployment now these are the
findings of a report released by The
International labor organization or the
ILO the ILO report highlights that
India's youth account for 83% of the
unemployed population according to the
ILO the jobless rate among education
youth has also risen during the covid-19
pandemic the proportion of young people
with a secondary education among the to
total unemployed is nearly doubled from
just over 35% in 2000 to nearly 66% in
2022 now releasing the report the chief
economic advisor V Anand nageswaran said
it's not correct to think that the
government must intervene in addressing
every social or economic problem he said
massive central government hiring is not
the answer to India's unemployment
problem and urge States and the private
sector to do more on job creation take a
look the reason why I said that the
absence of specific Solutions is not a
complaint or a criticism but part for
the course I want to recall a film from
1970s when I was probably somewhere
around 10 12 years of age it was a movie
which was first originally a play and
then became a very famous movie Muhammad
bin tlak by the noted Tamil journalist
lawyer actor CH
ramaswami and in that uh play he becomes
a prime minister Minister T he comes as
a tlak the the emperor and then he
becomes a prime minister and then he
begins to address various problems uh
corruption the national language issue
and then the unemployment problem and
for that he simply says look all I will
do is I'll keep talking on every Dice
and every stage that we have to solve
the unemployment problem and that is my
contribution to solving the unemployment
unemployment problem because he said
this is not something that I can address
I would simply say I will say that this
problem needs to be addressed urgently
in every Forum I I'm I'm invited to
speak at so the point therefore here is
that I think there is an element of
Truth in what he uh said in that movie
we should ask ourselves what can the
government do on employment short of
hiring massively by
itself of course I do agree that it can
and must hire in some areas in fact
according to a very good paper by DH
Kapoor in the Journal of economic
perspectives some time ago India may be
lacking in capacity I'm talking about
capability talking about capacity in
terms of numbers in several areas and
numbers are indeed part of the solution
in terms of government employment but
apart from that to think that every
social or economic for every social or
economic problem that there is a
government intervention is not quite
correct we need to get out of that
mindset in the normal world it is the
commercial sector those who engage in
for profit activity who need to do the
hiring well that's the chief economic
adviser at the Bombay Stock Exchange
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