India’s Jobs Crisis Is Far Worse Than What Unemployment Rate Shows

Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy (CMIE), explains why India's jobs crisis is far worse than what the national unemployment rate indicates. "We need to look at how many people are seeking jobs in the first place. We are seeing a decline in the labour participation rate, that means fewer people are seeking jobs and yet, a higher proportion of them are not finding jobs. So, this is a double whammy - low labour participation rate and high unemployment rate. This is really bad."