A report released by the Center for Sustainable Employment of the Azim Premji University suggests that the new challenge faced by the India’s administrators and policy makers is to combat the rapidly rising unemployment.
"Unemployment levels have been steadily rising, and after several years of staying around 2-3%, the headline rate of unemployment reached 5% in 2015, with youth unemployment being a very high 16%," and "This rate of unemployment is the highest seen in India in at least the last 20 years," is all what the report suggests.
More alarming is the report about depressed wages report which suggests that 82% men and 92% women are receiving wages less than 10,000 inr per month.
Can startups act as the growth engine?
Ask any small business consultant about the startup and you will be amazed to find out the tremendous potential these companies have in them. They are a powerhouse of talent and need the right direction and goal to grow and aspire. The consultants say that this is the era of startups and they are powerhouse for future growth of any economy.
So, instead of hovering over the looming report, the idea should be to put them to use and there should be aid from the government as well to allow them to perform and contribute their share in the economy.
However, the services of the small business consultant are paid and not at all necessary to hire. It is upon the choice of the entrepreneur whether they want to hire them to avoid the risks and not to put their valuable resources at stake.