The Indian economy is the 11th largest economy in the world. Our financial and unemployment problems are extremely grim.India's unemployment rate today is 3.8% officially. India is a thickly populated country and the population is increasing day by day but the job opportunities remain the same. It is reported that the unemployment will be 3 to 4 times larger during 2013-14. According to reliable statistics released by the Government, Goa, Kerala, Bihar, West Bengal, Maharashtra, Rajasthan are the important states which will be affected by this grim unemployment crisis. Economists and social thinkers have already begun formulating appropriate measures to tackle the problem.
The major causes for jobless situation is recession and inflation which are now prevalent in major world economies. The rapid changes in technology are another important factor which is boosting the problem. The decline of opportunities in agricultural and industrial sectors tend to increase this situation of massive unemployment. Today the unemployment is higher in urban areas than in rural areas in India. The Unemployment rates for women are higher than men. The unemployment among the educated is much higher than the uneducated. There is massive unemployment in agricultural sector than in industrial and other sectors.
The NRI community is a major chunk in this unemployed and unorganized sector. Due to the reducing rate of job opening in the India, Europe and America, a fairly large number of people have returned home. It is also the duty of the Government to find appropriate employment facilities to accommodate them also.
It is a very difficult task on the part of the Government to provide suitable job facilities to all the people. The government have not so far taken Proper steps to eradicate unemployment. This wrong planning of the Government accelerates this problem to a great extent. As a result the problem of unemployment is increasing day by day.
Our country cannot march forward economically and politically unless this problem is properly solved. The unemployment problem is primarily an economic one. Therefore it is essential that the economic policy of the country be reconstructed. As this will be a major task, immediate efforts are to create more job opportunities in prominent industrial and service sectors like IT/Software, travel & tourism, hotel & hospitality, finance & accounts, medical & healthcare etc. Industrial establishments that can contribute to these sectors will be emerging in selected major cities including Mumbai, Delhi, Bangalore, Chennai, Cochin etc.