Removing curtain from reality: Unemployment Rate at 45 year high

Removing curtain from reality: Unemployement rate at 45 year high

Amid the election season a controversy erupted with the resignation of 2 members from National Statistical commission initiating a series of allegation from various political parties that government is concealing the NSSO data on unemployment, which claims to be at its 45 year high.

 

Mr Amitabh kant( CEO of NITI Ayog and also a member of National Statistical Commission) clarified the matter by saying that the NSSO report is at draft stage and is not finalised yet,he further added that according to EPCO 4.8 million additional jobs have been created.According to Mr Kant the figure of unemployment is misleading as it also included the people leaving the low quality jobs. He admitted that we are creating less number of quality jobs than needed.

 

The aforementioned condition (people leaving poor quality jobs in search of better quality jobs) in economics is known as Frictional Unemployment. It indicates that people have the choice of better jobs and it reflects the economic progress,which gives an opportunity to people to explore their full potential.

If we analyse the allegation of huge unemployment the first thing which shocks me that how can a nation be the fastest growing economy in the world without creating any additional jobs? We must accept that GST and Demonetization was a jolt on informal sector of our economy and killed lot of informal jobs but we should also accept the fact that whenever an economic reform takes place these things are bound to happen. It can be well explained by an example of running car, whenever we change the gear to increase the speed of the car we have to take our foot off the accelerator and thus speed of car gets reduced. This is what happened with our economy and the similar trend was also witnessed during 1990 LPG reforms but later LPG reforms started giving its result and today we are 6th largest economy and also fastest growing economy in the world.

 

As a responsible citizen we must analyse each and every facts before having an opinion on any issue  because indian media is one the most corrupt media in the world which can be corroborated with the 138th rank among 180 nation in world press freedom index. When it comes to social media the platform is full of fake news. This nobel platform is being misused by almost every political party to propagate the fake news to mislead the voters by their respective IT cells where they employ people just to spread fake news or to troll someone.

 

Author : Ajit Kumar Singh 

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