The increasing problem in India and other countries is the slow employment growth rate and also a steady increase in fuel prices. Some months ago, automobile industry experienced a massive dip in sales as automobile makers have been forced to temporarily close their production plants for many days and give forced leaves to its employees.
According to Economic Times report, more than half a million passenger vehicles estimated at $5 billion (nearly Rs 35,000 crore) are lying with the dealerships that have not yet been sold yet in the first week.
The two-wheeler category has also faced the same issue as the vehicles worth $2.5 billion are simply lying with the dealerships, showing the current state of unemployment in India.
Indian youths struggle to get a job and that’s the reality. Even if they are seen working in some companies, their work standards are of poor quality. Millions of students study in different colleges with intentions to get a good job. But the reality is that there are a majority of degree holders when compared to the ones who are doing decent jobs in India.
But this is nothing new as the problem has been there for a long time. Not a long ago, the nation witnessed a growing trend where overqualified candidates have been applying for posts of ‘peons’ and ‘constables’. Recently, 7000 Engineers, Graduates & Diploma Holders applied for sanitary jobs
According to a recent Oxford study, all the developed nations will see job loss rates of up to 47% within the next 25 year. “No government is prepared,” The Economist reports. These also include blue and white-collar jobs too. So far, the loss has been restricted to the blue-collar variety, especially in manufacturing.
A Toyota plant in Japan is almost fully automated today and there are no opportunities. In fact, the unemployment rate will go from bad to worse. By 2034, just a few decades, mid-level jobs will vanish. It is to be noted that the benefits have only gone to the ultra-wealthy which is the top 1%, which will completely wipe out the middle class. The computers will be able to perform tasks more cheaply than humans and in fact, it will be more efficient too.
Accountants, doctors, lawyers, teachers, bureaucrats, and financial analysts’ jobs are not safe as per the study. The computers will analyze and compare reams of data to make financial decisions or medical ones, meaning that it will replace the humans’ jobs. There will also be less of a chance of fraud and the process will be more efficient.