A whopping 21 million salaried employees lost their jobs during April to August, with about 3.3 million jobs being lost just in August and this is according to data released by the Centre for Monitoring Indian Economy or CMIE.
Interestingly, while the loss of livelihood was rampant across sectors, it was mostly led by rural India and informal salaried workers like guards, cooks, maid, drivers and gardeners, industrial workers and white-collar workers also contributed to the tally in August. All salaried jobs put together account for 21-22 percent of total employment in India.
India's unemployment rate rose to 8.35 percent in August from 7.40 percent in July as salaried jobs in August reduced to 65 million in the country. In urban India- unemployment rose almost 10 percent in August from 9.37 percent in July -- while the rural unemployment rate increased to 7.65 percent in August from 6.51 percent in July.
As the economy stutters and sputters back on the growth track, creating jobs is going to be one of the key ingredients to restarting the economic growth engine.
This episode of Young Turks focuses on the enablers in India’s job creation economy. What are the gaps in India’s job market? What are the demand drivers and what needs to be done to ensure the Indian workforce is appropriately skilled and gainfully employed? To talk more on that Shereen Bhan is in conversation with Nirmit Parikh, Founder & CEO of Apna, Pravin Agarwala, Co-Founder & CEO of Betterplace, Shashank Murali, Co-Founder & CEO of TapChief and Ravish Agrawal, Co-Founder & CEO of Able Jobs.