WebDesk:
a research arm of State Bank of India has analysed that the India’s growing unemployment will be a great disadvantage by 2030.
The Business Insider report says, There is an urgency to SBI’s assessment. It says that India has only 10 years to graduate to a “developed nation”. If it fails to do so, it will, in a likelihood, always be classified as a developing country.
The reason? If India’s youth isn’t given adequate skills and opportunities, then the country’s so-called “demographic dividend” – its large and young labour force – will become a huge disadvantage by 2030. They won’t be able to contribute productively to the economy, and will hence, be a drag on resources and social programmes.
As Times Of India reported in Mar 6, 2018 says, As per information available on the official website of the Centre for Monitoring Indian Economy (CMIE), there are currently nearly 31 million unemployed Indians looking for jobs. CMIE is a board that tracks business and economic data of the country.
It was noted that in the week ended on February 25, the unemployment rate increased to 6.1 per cent as compared to 5 per cent in January. This 6.1 per cent unemployment rate is noted to be the highest monthly rate in the past 15 months.
According to International Monetary Fund (IMF) categories economies as developed or “high income” if their gross national income (GNI) per person is above $12,236. India currently languishes in the “lower middle income” bracket since its GNI per capita is between $1,006 and $3,955. Despite a slightly larger population, China is in the “upper-middle income” category.
As per the new report claimed, some economist also derived that, a middle-income economy as India is now, there are plenty of works need to do for the revival of the country’s economy. It is been argued that due to low money circulation and downgraded standard of living may primarily lead to a turmoil ahead of Indian financial structure.
