Unemployment: People who do not have a job, have actively looked for work in the previous
four weeks, and are currently available for work, according to the Bureau of Labor Statistics
(BLS). Unemployment also includes persons who have been laid off temporarily and are hoping
to be called back to work.
In India, unemployment is one of the most serious societal challenges. According to the Economist, the major cause for India's unemployment problem is the country's rigid and restrictive labor regulations, as well as its weak infrastructure. As of September 2018, India has 31 million jobless individuals, according to an article authored by Priyanka Deka in the Times of India, and according to the Indian government.
The absence of skill-based education in schools and colleges is the primary cause of unemployment. Our educational system is concerned with quality and knowledge, as well as written tests, in addition to practical activities. Students typically lack confidence and competency when presented with job interviews after graduation as a result of these reasons. Unemployment is caused by a variety of circumstances, including rapid population growth, which puts a burden on agriculture, low agricultural production, inadequate economic planning, and a lack of capital, to mention a few.
Despite the fact that India's unemployment rate is high, the coronavirus has had a terrible impact on the country's economy. The world has changed radically as a result of the unique catastrophic coronavirus epidemic, which has claimed the lives of a horribly large number of people in the last several months. Since governments have already completed the necessary quarantine and social distancing policies to avoid a pandemic, the whole world has been placed in a Great Lockdown.MBA admission in Bangalore
Its influence on people's lives and livelihoods is unknown. Furthermore, many nations are now dealing with numerous issues, such as a health crisis, a financial crisis, and a drop in commodity prices, all of which are intertwined in complicated ways. The COVID-19 problem has wreaked havoc on the country's economy. Unemployment surged from 6.7 percent on March 15th to 26 percent on April 19th in less than a month. An estimated 14 crore (140 million) individuals lost their jobs during the shutdown. It is stated that, as compared to the previous year, the income of more than 45 percent of households across the country has decreased. During the first 21 days of the total shutdown, the Indian economy was estimated to lose over 32,000 crores each day. MBA institutes in Bangalore
To overcome the problem of unemployment problem in India the role of SME ( Small and Medium Enterprise) is inevitable.
As we progress towards a resurgent and robust India, small and medium enterprises (SMEs) represent the silver lining in this transformation. SMEs are already the country's second-largest employer, after agriculture, with over 110 million employment. They represent over 90% of industrial units, provide over 45 percent of overall industrial value-added, and employ almost half of the country's specialists. They are more agile, adaptable, and prone to pandemic shocks, but they are also the most inventive.
As our economy combines environmental sustainability with economic development, SMEs would be at the forefront, driving employment and livelihood prospects. A move toward energy-efficient, low global warming potential (GWP) refrigerants, as part of our national cooling action plan, would result in a 10-fold increase in job possibilities over the next two decades, from 0.2 million to 2 million technicians. Increased access to electricity might result in the employment of roughly 55,000 trained technicians for every 10 GW of distributed renewable energy systems (DRE) implemented by local firms in rural and semi-urban regions.
With unprecedented reverse migration, constraints, and commitments under India's social security system (National Rural Employment Guarantee Scheme), and the need to quickly scale up ecological restoration, the prospects for SMEs in the actual "India" are waiting to be discovered. Compared to the United States, where ecosystem restoration employs about 126,000 people directly and creates a slew of indirect jobs worth around 9.5 billion dollars a year, India's potential in this area is unrivaled, with almost 140 million hectares to recover.
From expanding distributed renewable energy projects to accelerating forest restoration to unlock ecosystem services-based circular economies, advancing on sustainable cooling measures, accelerating energy efficiency adoption across tier 2 and tier 3 industrial clusters, transitioning to smarter mobility, and beyond – more than 1.5 million jobs are on the horizon, most of which will be driven by distributed business models – Small and Medium Enterprises. All that is required is improved access to skilling and reskilling, as well as training and development programs.
The Indian economy relies heavily on small and medium-sized companies. They not only contribute to the country's GDP and export profits, but they also employ thousands of people from underserved or financially disadvantaged areas. Despite their importance, small and medium-sized businesses confront several obstacles throughout their formation and expansion.
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