India Employment Report 2024

Category: Economy, International Organisation

Why in the News?

• India's young population confronts significant challenges of unemployment, skill deficiencies, and gender gaps, as revealed by the India Employment Report 2024.

About India Employment Report 2024

• The report, a collaborative effort between the International Labour Organization (ILO) and the Institute for Human Development (IHD), draws extensively from data gathered from National Sample Surveys and Periodic Labour Force Surveys spanning the period from 2000 to 2022, with additional insights provided for 2023.

Key Highlights of India Employment Report 2024

• Youth unemployment comprises 82.9% of the total unemployed population.
• Annually, 7-8 million youths enter the labor market.
• Unemployment rates among youths rise with higher education levels, particularly among graduates.
• The share of educated youths among the unemployed increased to 65.7% in 2022 from 54.2% in 2000.
• Women constitute a larger proportion of educated unemployed youths, at 76.7%, compared to men at 62.2%.
• Educated unemployment rates increased over the past 22 years but saw a sharp decline between 2019 and 2022.
• Despite improvements, in 2022, unemployment rates were significantly higher for those with secondary education or higher (18.4%) and graduates (29.1%) compared to illiterate individuals (3.4%).
• India's demographic dividend persists with youth making up 23% of the population in 2036.

Key Suggestion in Report to tackle unemployment issue Top of Form

• The report advocates prioritizing labor-intensive manufacturing to absorb unskilled labor and emphasizes supporting micro, small, and medium-sized enterprises. It suggests investing in green and blue economies, rural infrastructure, and integrating markets for rural employment. While acknowledging AI's potential disruption in outsourcing, it highlights India's vibrant startup ecosystem and digital infrastructure for job creation, stressing the need for targeted policies for disadvantaged states.

About International Labour Organization (ILO)

• As the sole tripartite United Nations agency, it unites governments, employers, and workers' representatives from 187 member states to develop global labor standards.
• Established in 1919 under the Treaty of Versailles and affiliated with the League of Nations, it became the first specialized UN agency in 1946. Its Headquartered located in Geneva, Switzerland.
• Its founding mission emphasizes the significance of social justice for enduring peace. It advocates for internationally recognized human and labor rights, striving to uphold principles of fairness and equality worldwide.