Rising unemployment in India belies other indicators of a rebound in the economy.
Hiring slows in IT, retail, manufacturing amid global slowdownYoung workers looking for good quality jobs as living costs riseFARIDABAD, India, Jan 20 - Ravi Verma, hired by an electrical parts manufacturing firm early last year as India's economy surged, was fired in November when the company lost several export orders. He has since remained unemployed, unable to pay back a 100,000 rupee loan he took to buy a two-wheeler scooter.
"I have been looking for a job for two months," Verma said, looking up from a Hindi language newspaper he was reading at a community centre close to his one-room home in the industrial town of Faridabad in northern India.rate swelled to 10.1% in December, although the total number of jobs in India touched a pre-pandemic level of 410 million, data compiled by Mumbai-based think-tank Centre for Monitoring Indian Economy showed.
"Nearly 37 million workers were looking for work in December," said Mahesh Vyas, managing director of CMIE, citing a rebound in labour force participation rate driven by the return of women workers and rural youth joining the labour market as fears of the pandemic eased.
"The unemployment problem has become acute," said Arun Kumar, an economist and a former professor at Delhi's Jawaharlal Nehru University. He said small businesses - which employ nearly 90% of workers - were shutting down and growth was being led by large companies and services. According to the latest government data, the number of workers joining firms with social security benefits fell for the third month in a row to 0.7 million in October, while the urban labour force participation rate rose to 47.9% in the September quarter, up 1% from a year earlier.Many young workers say they prefer to wait for skilled jobs they have been trained for, instead of accepting badly paid menial jobs on offer.
Factories and firms there were not ready to pay more than 10,000 to 12,000 rupees a month, said Mithlesh Kumar, a trade union leader.
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