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Economy

India's educated youth suffer as jobless rate hits 45-year high

Modi pledges to create 50,000 more startups by 2024

India's college graduates struggle to find jobs as unemployment hits a 45-year high.   © Reuters

NEW DELHI -- India's worst labor market in decades is taking an especially heavy toll on younger urbanites, making it imperative for Prime Minister Narendra Modi to come up with effective job creation measures as he enters his second term.

The pace of job growth, particularly in manufacturing, has not kept pace with the increase in the population, which has climbed by 100 million over the past five years. Persistent unemployment is hurting consumer spending as well.

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