This year the bank job notifications for job vacancies have declined unexpectedly due to bank merger which has affected the sentiments of lakhs of candidates who were just preparing for the bank exams for years. This drastic fall in the number of vacancies for the banking sector will bring a high jump in the unemployment rate this year. Every year, IBPS releases huge vacancies for both PO and Clerk posts in various Public Sector Banks, however this year the number of vacancies is just 1417 for Probationary Officer and 1557 for Clerical Cadre for which more than 50 lakhs of candidates were waiting. With these few vacancies how the youth will get jobs this year? This is going to be a major challenge for both the candidates and the government for tackling unemployment in the country. Below is the table depicting the fall of vacancies for Public Sector Banks
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More about Unemployment
Unemployment is one such prickly issues that India is facing along with other major issues. Unemployment word is now just not for the uneducated; it has been rooting in the educated sectors too. A major chunk of India’s population is youth and they are willing to work but unable to find a qualified job for themselves. Many graduates, doctors, engineers, scientists are either unemployed or working under-employed which is such a waste of human resources. After graduation, when students do not find a suitable job in their field; they turn to the public sector jobs which are increasing the demand in the government sector.
As per sources; Over 1.35 billion population of the country, the unemployment rate is increasing at a continuous pace. If the problem of unemployment is solved in the country, it would definitely help in the development of the country. According to a World Bank report on India years ago said “only a growth strategy that focuses on productivity-led economic growth and good jobs will ensure inclusive and sustainable expansion” In other words, the private sector needs to create millions of jobs and that too with security. As job security is the major problem students run towards government sector jobs and now as the vacancies are reducing and the number of candidates is increasing, leading to increased unemployed youth year by year.
What are the reasons for unemployment in India?
Not enough new jobs: As per the reports, the number of new government jobs is decreasing every year and the number of new candidates is increasing every year. As the government is not able to create enough jobs according to the increasing Indian population; which is the major factor for unemployment in India as every year lakhs of candidates just prepare for government exams.
The ratio of vacancy over candidates: If there is a vacancy for 1 position then candidates in the number of thousands apply for that single position and eventually only one gets the job and others remain unemployed and this fact cannot be neglected. This is one of the major reasons for unemployment and in the coming years, it would be doubled.
Population: We accept the fact that there are employment opportunities in India, but the population is rising at a fast speed which is the main problem that creates unemployment. It can be expected that if the population grows at the same pace than there is no doubt that the coming generation will also be facing more problems with unemployment.
Low wages: Due to inflation, companies provide a salary below the market rate. Indians don’t take jobs that are below their grades or expectations as they find it difficult to work at the below qualification level job. This makes them turn towards the government jobs which provides status and handsome salary both at the same time.
Unskilled or Unexperienced: Many big industries look for skilled candidates only, for their company which in turn left the under-skilled people unemployed. Many of the private companies prefer experienced candidates rather than the freshers, which is also a turning point for candidates towards government jobs, which are decreasing year by year.
Advancement in the Technology: Earlier for task hundreds or thousands of people were required to do work in a company or organization, however with the advanced technology, the demand for manual power has reduced and a single person can do the job of many people with these technologies. Therefore the hiring of the candidates has been reduced and so is for the government sector.
What are the problems caused by unemployment?
As unemployment and poverty are the two sides of a coin that goes simultaneously. The youth when stays unemployed for a long time finds the wrong way to earn money, some of them to reduce the stress prefer alcohol or drugs, and some find suicide as the last option. Unemployment lowers economic growth and increases the crime rate.
What are the solutions to tackle unemployment in India?
- Maintain population growth: The very first and foremost solution for unemployment is to control the rising population of our country. The government should motivate and encourage people to have small families which would be in favor of the next generation. The Indian government has already started initiatives for controlling the population but still, the population is rising at its previous speed. Once the population growth is controlled, the unemployment issue can also be solved to some extent.
- Improvement in education quality: As the current education system is not up to the level which requires strict measures for enhancing the quality of education. The government should keep a strict watch on the education system and try to implement new ways to generate a skilled labor force for this a committee could be appointed for observing public schools and universities. Before completing the education a practical knowledge should be given to the students.
- Education according to the requirement: This step would reduce the under-employment as the candidate will happily accept the job opportunity that is matching his education level. The youth should be encouraged to join the institute or select the course where proper training is provided and the course offered is on the basis current industry’s requirements.
- Development of Agriculture-based industries: The government should provide job opportunities according to the population. The government should encourage and focus on developing the agriculture-based industries in rural areas so that the rural candidates don’t migrate to the urban areas in search of employment. There must be measures for generating employment in rural areas for the seasonal unemployed people too. This will reduce the rate of migration of the rural people to the urban cities and this will definitely reduce the pressure on the urban city jobs.
- Rapid Industrialization: This could also be a step towards reducing unemployment in India and the government should allow more foreign companies to open their unit in India to increase the job opportunities for the youth.
We hope that the above given information will be useful for you. For more interesting and informative articles, stay tuned to bankersadda!