Unemployment In India Typed Notes

UNEMPLOYMENT IN INDIAUnemployment, the condition of one who is capable of working, actively seeking work, but unable to find any work. It is important to note that to be considered unemployed a person must be an active member of the labour force and in search of remunerative work. Unemployment rate is defined as the percentage of unemployed workers in the total labour force. It refers to percentage of the labour force that is without work or is jobless.TYPES OF UNEMPLOYMENTCyclic unemployment: Cyclical unemployment is the component of overall unemployment that results directly from cycles of economic upturn and downturn. Unemployment typically rises during recessions and declines during economic expansions. Frictional unemployment: Frictional unemployment can be evident in a growing, stable economy and is regarded as a part of natural unemployment, theminimum unemployment rate in an economy due to economic forces and the movement of labor. The frictional unemployment rate is calculated by dividing the workers actively looking for jobs by the total labour