Journal
| Title | Is Unemployment a Barrier to Economic Growth of India? | |
| Author's Name | Rais Ahmad and Mohammed Rashid | |
| ISSN | 0974-7281 | |
| Page(s) | 01-12 | |
| Volume No. | 11 | |
| Issue Month | January 2023 | |
| Keywords | Demonetization, Financial meltdown, Gross Domestic Product, Goods and services tax, Unemployment, | |
| Abstract | Since 2015, the Indian economy has shown signs of a slowdown, but due to weak indications, it has been ignored. The ex-governor of the central bank of India (Raghuram Rajan) predicted the possibility of a financial crisis in 2015. Both incidents had a detrimental effect on the economy, triggering a liquidity crisis and a scarcity of cash in the informal and formal sectors, respectively. Public and personal consumption expenditure has been a primary factor in India's economic growth over the past five years. Consumer expenditures have also declined, accelerating the present slump. India, like many other countries, is struggling with high unemployment rates. However, unemployment is more than just a label for those without jobs; it also defines a country's economic health and has consequences for politics and crime. Recent developments in the Indian economy were examined, as were their causes and impact on the job market. Therefore, we drew upon various secondary sources to compile our GDP and unemployment rate estimates, including periodicals, newspapers, journals, and a repository of official economic information from various institutions. The study combines statistical correlation and regression analysis methods to shed light on the causes and consequences of the economic slump regarding joblessness. The findings are then explained with the help of Okun's Law. |
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