INDIA
EMPLOYMENT REPORT 2024 - REPORTS & INDICES
News:
Jobs outlook bleak: On
the ‘The India Employment Report 2024’
What's
in the news?
●
A recent report that focused on the
current status and outlook for youth employment in India paints a grim picture
of the country’s widely touted ‘demographic
dividend’, which appears set to waste away unless there are immediate and
targeted policy interventions.
Key
takeaways:
●
It posits a bleak outlook for the
approximately 7-8 million young people
being added to the labour force each year, with youth accounting for almost 83%
of India’s unemployed workforce.
India
Employment Report 2024:
Prepared
by:
●
The Institute
for Human Development in collaboration with the International Labour
Organization (ILO).
Objective:
●
It highlights the challenges of youth employment within India’s evolving economic, labour
market, educational and skills landscapes.
Data:
●
This report has used the data analysis
from the National Sample Surveys and the Periodic Labour Force Surveys between
2000 and 2022.
Key
Findings of the Report:
●
There has been an increase in female labour market participation rates since 2019,
especially in rural areas.
●
There has also been a gradual shift in the workforce from agricultural to non-farm sectors.
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There has been a predominance of self-employment and casual employment, with nearly
82% of workers in the informal sector.
●
A modest
rise in the wages of casual labourers between 2012 and 2022 has been
observed while real wages for regular workers have stagnated or declined.
●
India is expected to have a migration rate of around 40 percent in 2030
and will have an urban population of around 607 million.
Challenges
Highlighted by the Report:
●
Almost
90% of workers remain engaged in informal work.
●
There has been a rise in contractualization. There is only a small percentage of
regular workers covered by long-term contracts. The share of regular work
increased steadily after 2000 which declined after 2018.
●
There are widespread livelihood insecurities with only a small percentage being covered
with social protection measures, precisely in the non-agriculture, organized
sector.
●
India’s large young workforce is a
demographic dividend, but they don’t appear to have the skills to deliver with
75% of youth unable to send emails with attachments, 60% unable to copy and
paste files, and 90% unable to put a mathematical formula into a spreadsheet.
Suggestions
by the India Employment Report 2024:
The India Employment
Report 2024 recommends five key policy areas for youth in India such as
●
Including job creation
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Improving employment quality
●
Addressing labour market inequalities
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Strengthening skills and active labour
market policies
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Bridging knowledge gaps on labour market
patterns and youth employment.