More than a quarter of the country’s workforce has been employed for at least a decade and many are retiring.
The jobless rate in India rose to 7.7% in the third quarter of 2017, the highest in a decade, according to the Labor Department’s latest data.
But the government expects that figure to decline to 6.7%, from 7.8% in 2019.
That’s a decline of more than 50 percentage points, the lowest in a quarter century.
India’s economy grew by 4.7%.
India is not faring well compared with other emerging markets.
Its gross domestic product shrank 2.2% in 2016, its worst annual contraction in five years, according the World Bank.
Its unemployment rate is 8.2%, well above the global average of 6.2%.
But its economy has recovered faster than many other countries in Asia, where it is estimated to have lost about 10 million jobs in the last five years.
India accounts for roughly 15% of global growth, but is expected to grow at just 1.2-1.3% this year, compared with 3-1% in 2020, the World Economic Forum said in a 2017 report.
The country’s economic growth is slowing due to a weak dollar, a shortage of cheap goods and a weaker government.
India’s government says its unemployment rate of 7.3 per cent is still too high.
The government says the current rate is too high as it does not take into account the large number of people out of work and the long-term effects of a lack of economic growth.
The unemployment rate has increased because the country has been spending less on health care and education.
The health care system is being stretched to the breaking point.
The government says India is working hard to boost the countrys gross domestic production to 3% by 2030, the target set in a landmark 2005-2006 government-led economic agreement that was followed by the current recession.
India has been investing in education, healthcare and infrastructure, the government says, but it has failed to implement its promises to improve people’s lives.
India is also the world’s second-most-watched economy, behind China.
Its economy grew at a 4.4% annual rate in 2017, according, to a government survey.
The U.S. is second at 4.6%.
China, the worlds largest economy, grew at 5.2%; Russia and India are third and fourth, respectively.