India faces massive youth unemployment crisis | World Business Watch

WION

30 May 202301:37

Summary

TLDRIndia's growing economy is often highlighted as a global success story, yet unemployment remains a critical challenge for its burgeoning youth population. With over 53% of the population under 30, India faces an urgent need for job creation, especially as urban unemployment has reached 6.8%. Many young people struggle to find full-time jobs, making India's youth a potential demographic liability instead of an asset. Analysts estimate that India must generate 70 million new jobs over the next decade, but projections indicate that only 24 million will be created, posing a significant challenge for policymakers.

Takeaways

🌍 India's growth story is often highlighted as a bright spot in the world economy.
👥 Despite positive headlines, millions of young Indians are facing the risk of unemployment.
🛠️ Job creation is a significant challenge for Indian policymakers, especially with the growing young population.
📊 India has overtaken China as the most populous country, with 53% of the population now below the age of 30.
❌ Many young Indians, particularly in urban areas, struggle to find full-time jobs.
🏙️ Urban unemployment stood at 6.8% in the January to March quarter.
📉 The share of urban workers with full-time jobs declined to 48.9% in December 2022, down from 50.5% pre-COVID.
🚨 The unemployment problem in India is complex and difficult to address.
⚖️ While India's young population is touted as an asset, without jobs, it risks becoming a demographic liability.
📈 Analysts estimate India needs to create 70 million new jobs over the next 10 years, but only 24 million are likely to be generated.

Q & A

What is India's growth story often described as?
-India's growth story is often described as a bright spot in the world economy.
What major challenge do millions of young Indians face despite the positive economic headlines?
-Millions of young Indians face the risk of unemployment despite the positive economic growth headlines.
Why is job creation considered a significant challenge for Indian policymakers?
-Job creation is a major challenge because India's young population continues to grow, increasing the demand for employment opportunities.
What notable demographic milestone has India achieved recently?
-India has overtaken China as the most populous country.
What percentage of India's population is under the age of 30?
-About 53 percent of India's population is now below the age of 30.
What is the current state of urban unemployment in India?
-Urban unemployment in India was at 6.8 percent in the January to March quarter.
How has the share of urban workers with full-time jobs changed since the COVID-19 pandemic?
-The share of urban workers with full-time jobs declined from 50.5 percent before the pandemic to 48.9 percent in December 2022.
Why do analysts believe that India's youth could become a demographic liability?
-Without full-time jobs, India's young population, instead of being an asset, could become a demographic liability.
How many new jobs does India need to create over the next 10 years, according to analysts?
-India needs to create at least 70 million new jobs over the next 10 years.
How many jobs are expected to be created in India over the next decade?
-Only about 24 million jobs are likely to be created over the next 10 years.