India’s Unemployment Rate at 2%: Union Minister Mansukh Mandaviya Highlights G20 Leadership in Jobs Data
India’s unemployment rate has reached a historic low of 2 percent, the lowest among G20 nations, according to data from the World Economic Forum. Union Labour and Employment Minister Mansukh Mandaviya announced this significant achievement during the signing of memorandums of understanding (MoUs) with digital mentorship platform Mentor Together and classifieds site Quikr. He attributed this positive trend to various employment generation schemes, particularly the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), which aims to create millions of jobs in the coming years.
Employment Generation Initiatives
Minister Mandaviya highlighted the government’s commitment to enhancing employment opportunities through structured initiatives. The PM-VBRY, which commenced in August, has been allocated Rs 99,446 crore to incentivize the creation of over 3.5 crore jobs within two years. This initiative specifically targets 1.92 crore individuals entering the workforce for the first time. The minister emphasized that these efforts reflect the government’s dedication to fostering job creation across various sectors, aligning with India’s rapid economic growth.
The National Career Service (NCS) portal plays a crucial role in this strategy, serving as a digital platform for job seekers. Mandaviya noted that the new partnerships with Mentor Together and Quikr would enhance the availability of structured mentoring and job opportunities. This collaboration aims to improve employability, particularly for young individuals seeking guidance in their career paths.
Partnerships to Enhance Job Opportunities
The partnership with Mentor Together is expected to provide personalized guidance to approximately 2 lakh youth in its first year. This initiative will connect them with over 24,000 trained professionals who can offer mentorship and support. Additionally, the renewed MoU with Quikr will integrate more than 1,200 daily job listings from various cities into the NCS portal, further expanding the job search options available to users.
Currently, the NCS portal boasts nearly 52 lakh registered employers and 5.79 crore job seekers, having mobilized over 7.22 crore vacancies. With more than 44 lakh active vacancies listed, the platform has become a vital resource for job seekers across India. Over the past year, the Labour Ministry has signed MoUs with ten key organizations, including major companies like Amazon and Swiggy, which have collectively mobilized nearly five lakh vacancies.
Government’s Focus on Youth Employment
Minister of State for Labour and Employment Shobha Karandlaje emphasized the importance of the NCS as India’s leading platform for digital employment facilitation. It offers job matching, counseling, and skilling services to enhance the employability of young individuals. The government’s renewed focus on youth employment is evident in its announcement of a comprehensive package of five flagship schemes worth Rs 2 lakh crore, aimed at supporting employment, skilling, and opportunities for 4.1 crore youth.
Mandaviya also underscored the significance of self-employment and entrepreneurship in expanding job opportunities. He cited initiatives like MUDRA and PM SVANidhi, which are designed to foster entrepreneurship across various sectors, including services, manufacturing, and agriculture. These efforts reflect the government’s commitment to creating a robust employment landscape for the youth of India.
Future Prospects and Challenges
As India continues to navigate its economic landscape, the government remains focused on sustaining low unemployment rates and fostering job creation. The successful implementation of schemes like PM-VBRY and the partnerships with organizations like Mentor Together and Quikr are steps toward achieving these goals. However, challenges remain in ensuring that job opportunities keep pace with the growing workforce.
The government’s proactive approach in signing MoUs with various organizations indicates a strategic effort to mobilize resources and enhance job availability. As the NCS portal evolves, it is expected to play an increasingly vital role in connecting job seekers with potential employers, thereby contributing to the overall economic growth of the nation.
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