India's unemployment numbers could shoot up to four times of the current levels by 2020, with up to 12 million jobless, unless it implements key economic reforms and reshapes its education system to meet industry needs, the Economic Survey has warned.
Multiple bottlenecks are stifling job growth in both manufacturing and services sector, threatening to turn India's frequently touted 'demographic dividend' - a reference to its vast youth population-- into a demographic "curse," it cautioned.
"The central long-run question facing India is where good jobs will come from," the government's annual report on the state of the economy said, raising concerns on the country's ability to create jobs for a burgeoning young population.
The survey points to key gaps between the industry requirements and the skills country's education system is currently training youth for, as a key reason leading to a possible crisis.
India is set to become the world's youngest major economy by 2020, with over 50% of new additions to its workforce in the most productive age group of 30-49.