India’s youth unemployment rate is climbing sharply. In contrast to China, where economists fear there won’t be enough workers to support the growing number of elderly in the country, the concern is there aren’t enough jobs to support the growing number of workers, report said.
India’s Youth Unemployment Climbling Sharply
While people under the age of 25 account for more than 40 per cent of the country’s population, almost half of them (45.8 per cent) were unemployed as of December 2022, according to the Centre for Monitoring Indian Economy (CMIE), an independent think tank headquartered in Mumbai.
Notably, some analysts have described India’s unemployment rate as ”time bomb”, warning of the potential for social unrest unless more employment can be created. The problem will only get worse since the population grows.
Meanwhile, Kaushik Basu, an Economics professor at Cornell University and former chief economic adviser for the Indian government, described the situation as ”shockingly high”.
”It’s been climbing slowly for a long time, it’s been on a slow climb for about 15 years but over the past seven, eight years it’s been a sharp climb,” Basu added.
