One in Two Indian Graduates Unfit For Employment: Economic Survey

Only 51.25% of India's youth, with 65% of the population under 35, have employable skills, according to the 2023-24 Economic Survey presented in Parliament today by Finance Minister Nirmala Sitharaman.

In other words, every other young person is unfit for employment in the modern economy.

The 2022-23 Ministry of Skill Development and Entrepreneurship (MSDE) report shows low vocational training rates and challenges in coordinating skill development programs spread across multiple ministries.

"As per NSSO, 2011-12 (68th round) report on Status of Education and Vocational Training in India, among persons of age 15-59 years, about 2.2 per cent reported to have received formal vocational training and 8.6 per cent reported to have received non-formal vocational training”, the report noted.

The survey also noted the importance of skilled youth citizens in a country.

“Elevated levels and superior standards of skills help countries adeptly navigate the challenges and opportunities present in both domestic and international job markets,” the Survey said.

However, the youth unemployment rate has dropped from 17.8% in 2017-18 to 10% in 2022-23. New EPF subscribers aged 18-28 have been increasing, and the female labour force participation rate is on the rise, particularly in rural areas.

The female labour force participation rate has been rising for the last six years. While the urban growth rate is steady, the rural growth rate witnessed a steep rise of 16.9 percentage points between 2017-18 and 2022-23, indicating a rising contribution of women to rural production.

Social Reaction:

Online users are criticising the government for its inability to address the country's unemployment crisis.

One user wrote, "AI has led to job losses, leading to Indian youth’s despair which in turn has led them to eat unhealthy, binge on social media and punt in stock markets. Well rounded economic survey, or is it just unnecessary elaboration of blabber aka mann ki baat?"

Another user commented, "The Economic Survey is throwing up some real time WTAF moments. I am genuinely shaking my head in wonder."