India Faces Mounting Jobs Crisis As Employment Lags Population Growth

• Employment growth not keeping pace with working-age population growth in India; only 59% of working-age population employed compared to 70% in other emerging economies

• Share of youth aged 15-24 in total unemployed pool very high at 83% according to ILO

• Lack of private investment leading to weak job creation; private equity deals fallen 47% in 2022-23 financial year

• Potential for services sector to drive employment growth given India's large talent pool, but gig economy unlikely to fully offset need for sustained job creation

• Signs of stress - edtech giant Byju's shed 2,000 jobs recently; 36% IIT Bombay graduates from batch of 2,000 still awaiting placements