Prime Minister Manmohan Singh, in spite of being an economist, has been unable to put reins on inflation in the past 10 years – a situation, due to which the youth are facing job crunch. The surge in unemployment can be majorly seen among youth residing in urban areas. JPN/Bureau
During its first tenure, the UPA would boast of higher growth rate, a claim, which saw losing its ground. The growth eventually went on to touch a new low in 10 years.
During 2004 Lok Sabha polls, the Congress in its manifesto vowed to boost up growth rate from eight to ten percent and it had made similar promise in 2009 as well saying that it would maintain the growth rate of nine percent.
Besides, it also promised to generate jobs to youth and keep a tab on inflation.
The growth rate remained nine percent from 2005 to 2008 but during the second tenure of UPA, surfacing of multiple incidents of scams coupled with policy paralysis shoved the growth rate from its respectable position to a disappointing 4.5 percent.
The UPA government had to face the inflation heat during its ten years of rule as well. Deputy Chairman of Planning Commission Montek Singh Ahluwalia and other advisors to Prime Minister kept on coming out with consolatory words that the inflation will be curbed by March-end but the claim turned out to be a hollow one.
The UPA-II’s tenure also witnessed such a phase when the wholesale inflation kept hovering above eight percent continuously for 23 months and the retail inflation was even more than that.
The performance of UPA government in the context of employment generation has been way below expectations as well. The Congress had promised to create avenues of productive jobs for youth. However, instead of increasing jobs in the manufacturing sector, around 50 lakh employment opportunities got curtailed.
The latest report of National Sample Survey clearly points out towards the fact that during UPA-II’s tenure, urban areas witnessed more unemployment.
Even Reserve Bank of India (RBI) statistics shows that there has been slump in employment avenues in public sector.
Prime Minister Manmohan Singh, in spite of being an economist, has been unable to put reins on inflation in the past 10 years – a situation, due to which the youth are facing job crunch. The surge in unemployment can be majorly seen among youth residing in urban areas.