Jobless Growth: A Study on Unemployment And Real Economic Growth in India

Abstract

According to the report of IMF survey, now India is the 5th largest Economy in the world overtaking UK in terms of GDP. But the Economic development of a country cannot be determined on the basis of GDP only. Even after becoming the 5th largest economy in the world the rate of Unemployment can Not be reduced, people's standard of living cannot be improved And still the Per Capita Income of India is only $2,500 while that of UK is $47,000. Is this a real economic growth for a nation? Thus, there arise the condition of 'Jobless Growth' in India. According to the report of Jagannathan (2018), every 1% increase in the GDP only rise 0.18% jobs in India. Thus this research paper tries to understand And analyze the condition of Unemployment in India And possible ways to overcome it. This research paper considers income inequality And Corruption as the main factors causing increased rates of Unemployment and other socio-economic problems in India. The contribution of manufacturing sector to the Indian GDP is only 13%. Thus it should be increased by improving the infrastructural facilities And funding. This research stresses the importance of women education And employment for economic development. It also put forward the need for a big revolution in the education sector for producing More skilled students who are the workers of tomorrow. This research highlights some of the positive steps taken by the Union Budget of 2023 (FY2023-24) that could improve employment opportunities in the country. The methodology to be applied for this research article is the study of major world journals and articles. Data interpretation and analysis for such collected data May highlight the real lag in the development of our people.