Economic slowdown may take toll on job opportunities

Analysis of data shows that the total work force in the economy increased to 384.9 million in 2004-05 from 313.9 million in 1993-4, implying an increment of 1.87 per cent annually. But the labour force during 1993-94 to 2004-05 showed an annual growth rate of 2.09 per cent, i.e. the labour force in the country increased to 419.6 million in 2004-05 from 338.2 million in 1993-94. During the same period the total number of unemployed persons showed a marked rise from 20.3 million to 34.7 million, indicating an annual increase of 5.0 per cent in unemployment during 1993-94 to 2004-05I. Obviously employment grew more slowly than the labour force in 1993-94 to 2004-05 compared to during1983-1993/94. The annual growth rate of employment (current daily status) declined to 1.87 percent during the period 1993-94 to 2004-05 from 2.61 per cent during 1983-1993/94. Consequently the unemployment rate steadily increased from 6.1 per cent in 1993-94 to 8.3 per in 2004-5. According to a most recent report (2009-10) by Labour Bureau, Ministry of Labour & Employment (i.e. Report on Employment & Unemployment Survey) the unemployment rate in 2009-10 is estimated at 9.4 per cent at the overall level as per the usual principal status. In the rural sector, the unemployment rate is around 10 per cent, while in the urban areas the unemployment rate is about 8 percent persons out of 1000 persons in the labour force. At present the unemployment rate is much more and it may rise in the coming years
Dr. C. Murukadas, The Economic Times, Sept.1,2012