New Delhi: The India Employment Report-2024, jointly released by the International Labour Organisation (ILO) and the Institute of Human Development (IHD), has shed light on concerning trends in youth unemployment, particularly among individuals with higher levels of education.
According to the report, the unemployment rate among youths with a graduate degree or higher witnessed a significant increase in 2022. This trend was consistent with the overall patterns observed in the youth population. Shockingly, the unemployment rate among youths with a graduate degree stood at 28.7 per cent, which was nearly nine times greater than that among youths with less than primary education, recorded at 3.2 per cent.
Furthermore, the report revealed that the share and number of unemployed graduate degree holders surged between 2000 and 2022, highlighting a troubling issue of unemployment among highly educated youths. These individuals accounted for nearly half of the total unemployed non-student youths in 2022.
Moreover, the unemployment rate among youths with technical training degrees or graduate diplomas was even higher than that among general graduates. In 2022, the unemployment rate among youths with graduate diplomas was recorded at 31.1 per cent, closely followed by those with technical training degrees at 29.4 per cent. This indicates the challenges faced by individuals with technical qualifications in securing suitable employment opportunities.
Additionally, the report highlighted a concerning increase in unemployment among youths with formal vocational training, which was significantly higher than that among youths with informal vocational training. Factors contributing to this disparity include a lack of alignment between the skills acquired through formal training and the demands of the labour market, inadequate job placement support, and mismatches between acquired skills and available job opportunities.
Overall, the findings underscore the urgent need for policy interventions to address the growing issue of youth unemployment, particularly among highly educated individuals and those with technical qualifications. Efforts to bridge the gap between education and employment opportunities are crucial to ensuring sustainable and inclusive economic growth.