Unemployment likely to increase this year
Posted on: 13/Jan/2017 4:05:52 PM
The UN labor report states that between years 2017 and 2018, unemployment in India is likely to increase. This is a clear indication of stagnation in job creation.
The report on World Employment and Social Outlook was released by the United Nations International Labor Organization yesterday. According to the reports, by setting against the economic growth and employment needs, the former is lagging behind latter and hence, unemployment and social inequality are likely to increase in 2017.
In the ongoing year and next year, job creation is unlikely to increase as slight increase in unemployment is likely.
The increase in unemployment will be of the range 17.7 million last year to 17.8 million in 2017 and the same will be 18 million next year. The unemployment rate will increase up to 3.4 percent in 2017-18, according to the report.
As far as job creation is concerned, in 2016, India has performed well. India contributes to most of the 13.4 million job opportunities created across southern Asia.
There was 7.6 percent growth in India in 2016 and this has helped all the southern Asia to gain up to 6.8 percent overall growths in the same year. It further added that the growth in manufacture has backed the economic performance of country.
