Mumbai: On Thursday, Prime Minister Narendra Modi said India’s unemployment rate is at its lowest level in the last six years.

“Unemployment is decreasing rapidly in both rural and urban areas of India, he said while virtually addressing an event by the Ministry of Skill Development and Entrepreneurship.

The Prime Minister essentially addressed the Kaushal Deekshant Samaroh of the union Ministry of Skill Development and Entrepreneurship, stating that as India’s economy grows, more opportunities are being generated for the young.

“Employment creation in India has reached a new height and the unemployment rate in India is at its lowest level in 6 years according to a recent survey. The unemployment is decreasing rapidly in both rural and urban areas of India. It means the benefits of development are reaching both villages and cities equally, and as a result, new opportunities are increasing equally in both villages and cities,” he said.

The prime minister stated, “Our government understood the importance of skill and created a separate ministry for it and allocated a separate budget,” pointing out that prior administrations had neglected skill development.

The Prime Minister underlined updating skills in light of the constantly changing nature of occupations and the need for skilling, upskilling, and reskilling. Consequently, the prime minister stated, that it is critical that institutions of higher learning, business, and research be up to date with current events. Additionally, he disclosed that over 4 lakh new ITI seats have been added to the country’s ITI system in the previous nine years with the opening of around 5,000 new ITIs.

Additionally, he stated that institutions are being modernised to become model ITIs in order to offer effective, superior instruction in addition to best practices.

In India, the opportunities for skill development are always expanding. The Prime Minister remarked, “We are not limited to just mechanics, engineers, technology, or any other service,” adding that women’s self-help groups (SHGs) are getting ready for drone technology.

He also cited the historically high rate of female labour force participation and attributed this to the initiatives and campaigns for women’s empowerment that have been introduced in India in recent years.

The Prime Minister cited the Pradhan Mantri Kaushal Vikas Yojana as an example of how India is investing more in the talents of its youth than it has in the past, stressing how this initiative has empowered youth on the ground.

“Under this scheme, about 1.5 crore youth have been trained so far. New skill centres are also being established near industrial clusters which will enable the industry to share its requirements with skill development institutes, thereby developing the necessary skill sets among the youth for better employment opportunities,” he said.

In the upcoming years, India would continue to be the biggest economy developing at the highest rate, according to the Prime Minister, who highlighted recent data from the International Monetary Fund (IMF). He also reiterated his goal of making India one of the world’s top three economies, adding that the IMF believes India would do so within the next three to four years. He declared, “It would open up new doors for employment and self-employment in the nation.”

The Prime Minister stated that a nation grows more with greater young power, therefore doing justice to its natural riches and extensive coasts. He also noted the significance of youth power in exploiting the strengths of any country.

The Prime Minister noted that whereas many nations throughout the world are seeing an increase in their old population, India is becoming younger every day.

“India has a significant edge. The world is looking to India for its talented youth, he said, adding that the government is prepared to assist the cause and advised not to miss any of the opportunities that are being provided.

He stressed that young people in India are being empowered by similar ideas, which is causing unparalleled advancements throughout the ecosystem. The Prime Minister stated, “The nation’s approach is two-pronged” in this regard.

He outlined how education and skill development are helping India’s young seize new chances, pointing out that the country has just passed its fourth National Education Policy (NEP).

Along with highlighting the government’s plans to open several new medical schools and skill-development centres like IITs, IIMs, and ITIs, the prime minister also addressed the millions of young people who have received training via the Pradhan Mantri Kaushal Vikas Yojana.

However, he said, “new sectors that promote employment and entrepreneurship are also being promoted, and the traditional sectors that provide jobs are also being strengthened.”

According to Modi, India is setting new records for exports of goods, mobile phones, electronics, services, defence, and manufacturing. At the same time, a plethora of new opportunities are being created for the youth in various sectors, including space, startups, drones, animation, electric vehicles, and semiconductors.

The Prime Minister also disclosed that, as a result of India’s proposal for global skill mapping being adopted at the recent G20 Summit, there will be more chances for youngsters in the future.

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The post India’s Unemployment Rate At Its Lowest In Last 6 Years: PM Modi first appeared on The Prevalent India.