New Delhi: According to the most recent figures, unemployment in India has reached a four-month high, making it difficult for the country to generate enough jobs to support its expanding population. In the third-largest economy in Asia, more people are entering the labour force than there are positions available.
This poses a significant challenge for Prime Minister Narendra Modi’s administration, particularly as he seeks to win a third term in office in the upcoming summer elections. The rate of unemployment in the country increased to its highest level since December, with urban areas being particularly hard hit. There was a little decrease in unemployment in rural areas.
With a predicted 22% churn over the next five years, a tectonic transformation in the Indian labour market is imminent. Artificial intelligence, machine learning, and data segmentation are predicted to be the top job-producing industries, according to the World Economic Forum’s Future of Jobs report. According to the report, 61% of Indian businesses feel that implementing ecological, social, and governance (ESG) standards more extensively will lead to job growth, while 59% believe that doing so will open up new employment prospects.
Furthermore, 55% of businesses think that increasing access to digital technology could create more jobs. When comparing talent availability when hiring, it was discovered that China and India were better than the global average.