Explain the term ‘unemployment’ in the context of India.
Unemployment exists when people who are willing to work at the going wages cannot find jobs. It can be explained as below:
The workforce population includes people from 15 to 59 years. Therefore, if people below 15 years and above 59 years do not have a job, they cannot be called unemployed.
In India, unemployment can be categorised as in rural and urban areas. Further, rural unemployment includes seasonal and disguised unemployment and urban unemployment includes educated unemployment.