What is Unemployment?
According to the National Statistical Office (Previously known as National Sample Survey Organisation), Unemployment is a situation in which all those who, owing to lack of work, are not working but either seek work through employment exchanges, intermediaries, friends, or relatives or by making applications to prospective employers or expressing their willingness or availability for work under the prevailing conditions of work and remunerations.
Unemployment: Meaning, Causes, Effects and Remedial Measures
Unemployment is one of the most important problems that can be found in any country in the world, regardless of its economic condition. Unemployment is defined as a condition wherein people are able and willing to work at the current wage rate but cannot find work. Some skilled workers struggle to find employment for extended periods, thus, unemployment is not just confined to low-skilled employees. There are various methods for identifying an unemployed person. Some economists believe that a person is considered unemployed if they cannot find a job for even one hour during a half-day.
Key Takeaways:
- Unemployment in India is not just about job scarcity but also about the mismatch between skills demanded and skills possessed by the workforce.
- A significant portion of India’s workforce is employed in the informal sector, where job security and benefits are often lacking.
- Global economic trends and events can also impact unemployment in India, such as fluctuations in global markets, trade policies, and geopolitical tensions.
- The Indian government has launched various schemes and programs aimed at tackling unemployment, such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), Skill India Mission, and Startup India.
Table of Content
- What is Unemployment?
- Sources of Unemployment Data
- Types of Unemployment in India
- Causes of Unemployment in India
- Effects of Unemployment in India
- Remedial Measures for Unemployment