What the article is about:
- The article talks about analysis of the Annual reports of top private companies and public sector undertakings, and discusses the pattern of employment generation.
- Paper 1: Essay
- GS2: Issues related to development, poverty, Human Resources
- GS3: Employment, Growth and development
- The analysis of Annual reports has shown a stark trend, that most of the job creation that happened in India during 2021-2022 was in private sector while the government owned enterprises saw a decline in the total number of people they employed.
Unemployment in India:
- Data from centre for monitoring Indian economy shows that the total number of employed people in India went up by 5.55 lakh in FY22. While the working age population went up by 55.35 lakh over the same period.
Working Age Population:
- The working-age population is the total population in an area that is considered able and likely to work based on the number of people in a predetermined age range. The working-age population measure is used to give an estimate of the total number of potential workers within an economy
What can be done to solve the problem of unemployment in India:
- The analysis for the private sector found that eight out of the top 10 private sector firms by market capitalisation added to their workforce.
- Together these firms added 3 lakh new jobs in the last financial year.
- Therefore, the solution lies in the government creating better regulatory conditions for the private sector while at the same time protecting the rights of the workers.