Because the work environment in the Union Territory looks to be worsening, the growing unemployment rate in J&K is worrying.
The unemployment rate in Jammu and Kashmir was 22.2 per cent for the month of October, the highest among all states and union territories in the country.
According to estimates from the Centre for Monitoring Indian Economy (CMIE), J&K has a 22.2 per cent jobless rate, which is greater than the 7.1 per cent national unemployment average.
Rising unemployment rate concerning for jobless
The rising unemployment rate in J&K is concerning since the job market in the Union Territory appears to be deteriorating.
The jobless rate has climbed even further since September. The unemployment rate was 21.6 per cent in September, according to CMIE, but it rose to 22.2 per cent in October.
CMIE uses its Consumer Pyramids Household Survey machinery to calculate unemployment rates.
Apart from CMIE data, other related figures illustrate a sorry state of affairs
Other data sources, in addition to official figures, illustrate the severity of unemployment in J&K. For example, last year's employment registration by the Directorate of Employment saw three lakh registrations by postgraduates and PhD degree holders.
Last year, when the J&K Service Selection Board advertised 8000 Class-IV positions, 5.4 lakh people applied for the same.
Since the new domicile regulations were announced in May 2020, which will allow a segment of non-locals to apply, the J&K government has advertised about 10,000 positions, of which 8,575 were Class-IV jobs, according to official records.
According to the Ministry of Statistics and Programme Implementation (MOSPI), the combined unemployment rate in Jammu & Kashmir and Ladakh reached an all-time high of 17.8% in October-December 2020, compared to a national average of 7.11 per cent.
UT authorities boast of private investment, but ground situation contrary
Because of the lack of large companies or corporations in the region, government agencies continue to be the largest employers.
Lieutenant Governor Manoj Sinha, on the other hand, said he expected the creation of five lakh job opportunities because the UT is scheduled to get Rs 25,000-30,000 crore in private investment.
However, due to the lack of a strong private sector in J&K, the growing unemployment rate continues to be a lingering concern for the youth, who are obliged to seek government jobs.
Despite the government’s assertions that foreign investments of Rs 50,000 crore will flow into the UT, there has been little impact and the ‘Naya Kashmir’ slogan of the Bhartiya Janata Party continues to prove rhetoric on the ground.
https://www.digpu.com/india-news/naya-kashmir-jk-monthly-jobless-rate-tops-in-india
The unemployment rate in Jammu and Kashmir was 22.2 per cent for the month of October, the highest among all states and union territories in the country.
According to estimates from the Centre for Monitoring Indian Economy (CMIE), J&K has a 22.2 per cent jobless rate, which is greater than the 7.1 per cent national unemployment average.
Rising unemployment rate concerning for jobless
The rising unemployment rate in J&K is concerning since the job market in the Union Territory appears to be deteriorating.
The jobless rate has climbed even further since September. The unemployment rate was 21.6 per cent in September, according to CMIE, but it rose to 22.2 per cent in October.
CMIE uses its Consumer Pyramids Household Survey machinery to calculate unemployment rates.
Apart from CMIE data, other related figures illustrate a sorry state of affairs
Other data sources, in addition to official figures, illustrate the severity of unemployment in J&K. For example, last year's employment registration by the Directorate of Employment saw three lakh registrations by postgraduates and PhD degree holders.
Last year, when the J&K Service Selection Board advertised 8000 Class-IV positions, 5.4 lakh people applied for the same.
Since the new domicile regulations were announced in May 2020, which will allow a segment of non-locals to apply, the J&K government has advertised about 10,000 positions, of which 8,575 were Class-IV jobs, according to official records.
According to the Ministry of Statistics and Programme Implementation (MOSPI), the combined unemployment rate in Jammu & Kashmir and Ladakh reached an all-time high of 17.8% in October-December 2020, compared to a national average of 7.11 per cent.
UT authorities boast of private investment, but ground situation contrary
Because of the lack of large companies or corporations in the region, government agencies continue to be the largest employers.
Lieutenant Governor Manoj Sinha, on the other hand, said he expected the creation of five lakh job opportunities because the UT is scheduled to get Rs 25,000-30,000 crore in private investment.
However, due to the lack of a strong private sector in J&K, the growing unemployment rate continues to be a lingering concern for the youth, who are obliged to seek government jobs.
Despite the government’s assertions that foreign investments of Rs 50,000 crore will flow into the UT, there has been little impact and the ‘Naya Kashmir’ slogan of the Bhartiya Janata Party continues to prove rhetoric on the ground.
https://www.digpu.com/india-news/naya-kashmir-jk-monthly-jobless-rate-tops-in-india
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