India’s unemployment rate at its lowest level in last 6 years, says PM Modi | Latest News India - Hindustan Times
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India’s unemployment rate at its lowest level in last 6 years, says PM Modi

Oct 12, 2023 06:33 PM IST

Prime Minister Narendra Modi said that new possibilities are being created for the youth as India’s economy is expanding

Prime Minister Narendra Modi on Thursday said that the employment creation in India has reached a new height while the unemployment rate in the country is at its lowest level in the last six years.

Prime Minister Narendra Modi virtually addressed the Kaushal Deekshant Samaroh of the union Ministry of Skill Development and Entrepreneurship on Thursday. (File Photo)
Prime Minister Narendra Modi virtually addressed the Kaushal Deekshant Samaroh of the union Ministry of Skill Development and Entrepreneurship on Thursday. (File Photo)

Virtually addressing the Kaushal Deekshant Samaroh of the union Ministry of Skill Development and Entrepreneurship, the Prime Minister said that new possibilities are being created for the youth as India’s economy is expanding.

“Employment creation in India has reached a new height and the unemployment rate in India is at its lowest level in 6 years according to a recent survey.The unemployment is decreasing rapidly in both rural and urban areas of India. It means the benefits of development are reaching both villages and cities equally, and as a result, new opportunities are increasing equally in both villages and cities,” he said.

Noting that there was neglect towards skill development in the previous governments, the Prime Minister said, “Our government understood the importance of skill and created a separate ministry for it and allocated a separate budget.”

Highlighting the importance of skilling, upskilling and re-skilling, the Prime Minister noted the rapidly changing demands and nature of jobs and emphasised upgrading the skills accordingly. Therefore, the Prime Minister said, it is very important for industry, research and skill development institutions to be in tune with the present times. He also informed that about 5,000 new ITIs (Industrial Training Institutes) have been set up in the country in the last 9 years adding more than 4 lakh new ITI seats.

He also mentioned that institutes are being upgraded as model ITIs with the objective of providing efficient and high-quality training along with best practices.

“The scope of skill development is continuously increasing in India. We are not limited to just mechanics, engineers, technology, or any other service”, the Prime Minister said as he mentioned that women’s self-help groups (SHGs) are being prepared for drone technology.

He also pointed out the unprecedented increase in the participation of women in India’s workforce and credited the impact of the schemes and campaigns that have been launched in India in the past years regarding women empowerment.

Emphasising that India is investing more in the skills of its youth than ever before, the Prime Minister gave the example of Pradhan Mantri Kaushal Vikas Yojana, which has strengthened the youth at the ground level. “Under this scheme, about 1.5 crore youth have been trained so far. New skill centres are also being established near industrial clusters which will enable the industry to share its requirements with skill development institutes, thereby developing the necessary skill sets among the youth for better employment opportunities,” he said.

Highlighting the recent figures released by the International Monetary Fund (IMF), the Prime Minister informed that India will remain the fastest-growing major economy in the coming years. He also recalled his resolve to take India among the top three economies of the world and said that the IMF is also confident of India becoming the top three economies of the world in the next 3-4 years. “It would create new opportunities for employment and self-employment in the country,” he said.

Noting the importance of the power of the youth in utilising the strengths of any country such as its natural or mineral resources, or its long coastlines, the PM said that the country develops more with stronger youth power thereby doing justice to the nation’s resources.

The Prime Minister observed that when the elderly population is increasing in many countries of the world, India is getting younger with each passing day.

“India has this huge advantage. The world is looking towards India for its skilled youth,” he said while suggesting not to waste any opportunity being created and assured that the government is ready to support the cause.

He emphasised that a similar thinking is empowering India’s youth which is making unprecedented improvements in the entire ecosystem. “In this, the country’s approach is two-pronged”, the Prime Minister said.

He explained that India is preparing its youth to take advantage of new opportunities through skilling and education as he highlighted the new National Education Policy (NEP) which has been established after almost 4 decades.

The Prime Minister also highlighted that the government is establishing a large number of new medical colleges, and skill development institutes like IITs, IIMs and ITIs, and mentioned the crores of youth who have been trained under the Pradhan Mantri Kaushal Vikas Yojana.

“On the other hand, the traditional sectors which provide jobs are also being strengthened while new sectors that promote employment and entrepreneurship are also being promoted,” he said.

Modi said that India is making new records in goods exports, mobile exports, electronic exports, services exports, defence exports and manufacturing, and at the same time creating a large number of new opportunities for youth in many sectors such as space, startups, drones, animation, electric vehicles, and semiconductors, among others.

Meanwhile, the Prime Minister also informed that India’s proposal regarding global skill mapping has been recently accepted at the G20 Summit, which will help in creating better opportunities for youth in the coming times.

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