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Joblessness rises to 5-year high [Governance, Economy]
Jobless economic growth continues to haunt India’s youth, with the country’s unemployment rate rising to five-year high of five per cent in 2015-16, according to latest annual household survey on employment conducted by Labour Bureau.
India’s economy grew 7.1 per cent in the first quarter of 2015-16, slowing from 7.9 per cent a year earlier.
The country’s unemployment rate, as measured by the Bureau, stood at 4.9 per cent in 2013-14, 4.7 per cent in 2012-13 and 3.8 per cent in 2011-12.
Female job seekers were the worst hit as the pace of unemployment rose sharply to 8.7 per cent in 2015-16 compared to 7.7 per cent in 2013-14.
While unemployment rate in rural areas rose to 5.1 per cent in 2015-16 from 4.7 per cent in 2013-14, it declined to 4.9 per cent from 5.5 per cent in urban areas during the same period.
The pattern of employment in the corporate sector is changing. Companies are looking to hire productive workers so there is a reduction in absorption of labour.
The construction sector, which is the most labour-intensive sector following agriculture, is not growing, leading to slow growth in job creation.
Fewer households benefited from various employment schemes of the government in 2015-16. For instance, the benefits of Mahatma Gandhi National Rural Employment Guarantee Act scheme were availed by 21.9 per cent households compared to 24.1 per cent households in 2013-14.
The survey showed a decline in the proportion of self-employed and salaried workers and a rise in contractual employment.