Budget 2022 be able to curb unemployment Finance Minister consider these figures | Will Budget 2022 be able to curb unemployment? Before the speech of the Finance Minister, definitely consider these figures!

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Budget 2022 will be able to...- India TV Paisa

Will Budget 2022 be able to curb unemployment? Before the speech of the Finance Minister, definitely consider these figures!

Highlights

  • The budget of the year 2022 will be the second budget presented after this corona crisis.
  • The unemployment rate in the country increased from 7.2% to 23.5% in 2020 amid Corona
  • The industrial sector has to be ready to provide employment to 9 crore people in the next 8 years.

The corona virus, which engulfed the world including India in 2020, has badly affected the lives of people. This crisis of life, which has been going on for the last two years, has left deep wounds on the economy. Seeing unemployment has been a big problem since independence, but the intermittent lockdown during the Corona era has made this wound a canker.

The budget of the year 2022 will be the second budget presented after this corona crisis. In such a situation, people are expected to make big announcements on the employment front from this budget. In fact, economists also believe that people’s income will increase due to work in every hand from cities to villages, which will benefit the companies in the form of demand and the economy will get spin. For this, the government will have to create an environment of jobs in cities and villages. But looking at the budget figures of the government in the last years, it does not seem so.

Slow investment in government schemes

MGNREGA i.e. Mahatma Gandhi Rural Employment Guarantee Scheme, which came during the UPA government, is considered a milestone in combating unemployment. But in the last three budgets, there has not been a big increase in this. The budget allocation for 2019-20 in this scheme was 71687 crores. While the allocation for this scheme was 61500 in the budget of 2020-21, it marginally increased to 73000 crores in the last budget. At the same time, the allocation of Rs 2500 crore was reduced to 2000 crore in 2020 in another scheme related to employment, Prime Minister Employment Generation Scheme.

Demand for urban employment guarantee scheme in the budget

To overcome an unexpected crisis like Corona, some out-of-box thinking will also have to be done on the employment front. People will get employment with the start of infra project in rural India. Economist Jean Dreze, who is called the father of MNREGA scheme, has advised the government to start the Urban Employment Guarantee Scheme. According to eminent economist Prof. Arun Kumar, the Urban Employment Guarantee Scheme will help in increasing demand along with unemployment.

Disturbing unemployment figures

Talking about unemployment figures, in January 2020, the unemployment rate in the country was 7.2%, but after the initial lockdown, it increased to 23.5% in March and 22% in April. However, later it returned to the range of 6-7%. At the same time, when the lockdown was imposed again in 2021, it reached 12%. India’s unemployment rate has reached a 4-month high in December 2021, according to the latest data released by the CMIE amid the Omicron crisis.

big challenge ahead

Consultancy firm McKenzie said in a report in August 2020 that by 2030, an additional 60 million people will enter India’s non-farm labor market and 30 million people will shift from the agricultural sector to the non-farm sector. That is, in the next 8 years, the industrial sector will have to be ready to provide employment to 9 crore people.

Government has to focus here

In the budget of Finance Minister Nirmala Sitharaman 2022-23, special attention should be given to manufacturing, real estate, agriculture, food processing, retail and healthcare sectors. According to JLL India, the Delhi-NCR, Mumbai and Pune markets saw an 8% year-on-year growth in office space usage in the third quarter of 2021. New employment opportunities are likely to be created here.

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