Unemployment has always been a cause of concern in our country and recent numbers reveal that it has been rising over the last few months as it spiked to 7.1% in the week ended February 25, as reported by Quartz.
Around 31 million people in India are currently looking for jobs. This is the highest since October 2016, according to a February 27 report published by the Centre for Monitoring Indian Economy (CMIE), an independent think-tank that tracks business and economic data. The report also says that February 2018 will see the highest unemployment rate in the last 15-16 months.
Rise and fall
According to the report, unemployment was the lowest last in July 2017. Since then, the rate has been steadily rising.
“Given that the recent three weeks have consistently shown unemployment rates at close to 7%, it is possible to infer now that the rate is back to the levels just before demonetisation,” Mahesh Vyas, CEO of CMIE, said in the report. While the absolute unemployment number isn’t alarming, the steady rise is, he added.
Technology Development | Automation of Jobs
The growth in technology has ensured the intelligence in machine which is now doing the service segment jobs. India is one nation which is considered as biggest service industry leader. Now that first world is automating this job, the crisis will be reflected in India.
It has started from this financial year. Lots of services industry, which was recruiting bulk of engineering students, have stopped hiring and reduced their number significantly.
Employment opportunities will not be great in the near future too. In addition to the 31 million unemployed as of February 25, urban India will see a spike in demand for jobs as a fresh batch of college graduates enters the workforce in May. But the number of jobs created in the financial year 2018 is an estimated 600,000.
Saving Nation: Through Innovation
Innovation is the key, that will be the driver. If as a nation, we want to solve this issue, we need to become stronger nation in building in house capacity of critical technology. Technologies which are trending like AI, Machine Learning, Blockchain and automation capabilities of Robotics and IoT.
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