High Unemployment: Challenge And Risk Cited To Be The Biggest

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Moderation in India's GDP together with other weak economic indicators such as broadening of the fiscal deficit and new technologies such as artificial intelligence and robotics is only going to add to the woes of new graduates and employed staff going forward. The World Economic Forum has also cited the concern not only in Indian context but also on global level.

High Unemployment: Challenge And Risk Cited To Be The Biggest

It has been suggested to employed staff to upgrade their skills in order to well meet the demands of their job role.

Fresh jobseekers are expected to find no takers in the coming times as job creation will slow down as the GDP for the quarter ended June declined by 2% in comparison to the corresponding period last year to levels of 5.7%. In India, a huge chunk of fresh 12-13 million jobseekers enter the market and there will be a wide gap between the number of jobs on the offer and the number of jobseekers.

Among other risk factors cited by businesses in carrying out the enterprise include "Concerns about fiscal crisis, terrorist attacks, misuse of technology, and financial institution failure also made an appearance in the top five ranks among local business executives, said a CEO.

Also, on a global scale, technological, geopolitical tensions, social and economic landscape shall also be posing a great risk to businesses over the next few years.

"It is absolutely without a doubt that the GDP has a correlation with employment and livelihood. When GDP growth rises, there would be a certain amount of job creation, and vice versa. One can debate as to what would be the exact impact on job creation, but the number of around a million jobs per 1% of GDP growth looks reasonable given that 12-13 million people enter the workforce every year",said an economist of a leading conglomerate.


Story first published: Saturday, September 23, 2017, 12:58 [IST]
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