Unemployment in India to increase marginally in 2017-18: ILO

According to recently released World Employment and Social Outlook for 2017, the number of unemployed people in India is expected to rise by 1 lakh in 2017 and another 2 lakh in 2018.
The report was released by the International Labour Organisation (ILO) with projections based on econometric modelling carried out in November 2016.  The report has clubbed India in the category of emerging nations.

Key highlights of the report

• Number of jobless in India will increase from 17.7 million in 2016 to 18 million by 2018 even though the country’s unemployment rate is expected to go down from 3.5% to 3.4% in 2017.
• India performed slightly well in terms of job creation in 2016, as majority of the 13.4 million new employment were created.
• Globally, the number of jobless people will increase by 3.4 million in 2017. The global unemployment rate is expected to rise modestly from 5.7 to 5.8% in 2017 as pace of labour force growth outstrips job creation.
• The increase in unemployment levels and rates in 2017 will be driven by deteriorating labour market conditions in emerging countries.
• Vulnerable forms of employment, which include own account workers and contributing family workers are expected to stay above 42% of total employment.
• About 1.4 billion people are likely to be engaged in such employment in 2017, with the number rising by 11 million per year. Sub-Saharan Africa and Southern Asia will be the most affected.
• In developing countries, the number of workers earning less than $3.10 per day is even expected to increase by more than 5 million over the next two years.
• Global uncertainty and the lack of decent jobs are, among some of the other factors, underpinning social unrest and migration in many parts of the world.

Month: Current Affairs - January, 2017