According to a new survey from Azim Premji University, 42% of Indian graduates under the age of 25 are unable to find work. According to the report titled State of Working India 2023, the unemployment rate in India has decreased post-covid for all educational qualifications. However, it remains above 15% among graduates.
“There is large variation in the rate of unemployment even within the higher educated group. The unemployment rate falls from over 40 percent for educated youth under 25 years of age to less than 5 percent for graduates who are 35 years and above,” the report said.
The report further found that the relationship between the country's growth and employment rate has weakened over time. Policies designed to boost GDP do not necessarily aide in creating more jobs.
“Over the long-run GDP growth and employment growth have been uncorrelated in India suggesting that policies oriented towards achieving faster GDP growth will not necessarily speed up job creation,” the report claimed.
Individuals can continue to deposit or exchange these notes into their bank accounts until September 30. Since May 23, this service has been provided at both RBI branches and banks around the country. To avoid disrupting routine bank operations, exchanges of Rs 2,000 notes are restricted to a maximum amount of Rs 20,000, subject to Know Your Customer (KYC) requirements and legal deposit procedures.
According to RBI data as of early September, 93% of the Rs 2,000 notes taken from circulation had been returned to banks. As of August 31, 2023, the entire value of Rs 2,000 notes deposited in banks was Rs 3.32 lakh crore, leaving only Rs 0.24 lakh crore worth of these notes in circulation.
It's important to note that these notes will remain legal tender even after September 30, but they will no longer be accepted for transactions and can only be exchanged with the RBI.
