India’s rate of unemployment is expected to touch a record high of 9.4 % in 2013. According to a world report youth unemployment in India will be an important issue, as the Asian sub continent also suffers with a 10 percent decline in employment.
The global economy slowed down in 2012 due to the ongoing fiscal crisis in Europe and the US and this has affected key Asian markets by adversely impacting the business and consumer activities in the region. However, economic outlook in terms of real GDP growth rate in India has increased from 5.8% in 2012 and 6.9% this year.
Sectors like FMCG, FMCD, Retail will see a incremental addition of jobs. Pharma & Healthcare sector will expand and see more jobs addition. E-commerce and Education industry will see robust growth in 2013. Overall India would see a net addition of just under a million jobs and that means 2013 will be better than 2012, but less attractive than 2011 in terms of jobs addition, a reports points out.
However the PM at a speech addressing a business forum had pointed out that the government will do all that it wants to create employment, but all this will take time. He urged the industry to keep the faith and a positive attitude.
