The unemployment rate in India shot up to 7.8% in June 2022, with some 13 million jobs lost, mostly in the agriculture sector. With massive layoffs, how many job opportunities really are there for everybody? Apart from self-employment, what jobs can the government and private sector potentially provide?
As much as we talk about how quickly India is progressing toward building employment opportunities, truth is, that more people are unemployed right now than ever.
With things like the pandemic and the recession to blame, we sure have a great narrative running around right now. However, there are a variety of significant factors at play here that have been contributing to the lack of jobs in the Indian markets.
Let’s talk about the current education system first.
Out of the millions of things that changed over the last few decades, education, curriculum, and the focal point of learning still remained the same.
The next thing that contributes to this equation is the need for an advanced workforce over everything else.
Because of the increasing competition across industries, jobs like graphic designing, content marketing, advanced web-based development, and engineering solutions have set the bar too high for people to participate in.
The majority of the workforce in India right now isn’t working for profits or savings, they are just working to survive. The number of jobs in India right now is around 400 million, yet the number of people looking for jobs is close to 1 billion.
The country right now is able to offer jobs only to around 400 million people. That’s the number of people who are employed in the country.
It’s a no-brainer that companies right now prefer skill over qualifications. This is why most companies right now have changed their recruiting methods. This also explains why there is such a surge in the growth of e-learning platforms in India that majorly focus on the skill development of the students.
In fact, India right now is expecting the e-learning market to grow to more than $300 billion by 2025.
All we can hope is that we progress out of this plateau soon enough and unlock promising opportunities for ourselves.