How to Solve Unemployment Problems in India?

I am writing this article with lots of hope and belief that this article of mine can provide some real solutions. In this article, I am especially talking about India. As per the data in India around 50,00,000 graduates pass out every year. It is said out of this 60% remain either unemployed or underpaid.

Many of those who pass out try their luck by filling forms for any kind of government jobs. So, whether students are an engineer or even an MBA 60% of them remain unemployed. It is said that they remain unemployed due to the skill gaps and lesser work experience as required by corporates.

So, how can we solve this big problem and issue? What steps the professional colleges or even schools can take. But remember there are no shortcuts, let’s see how we can solve this issue in the long run.

As per our current education system and social belief that students should study hard, get good marks and join some reputed company and life is set. Well, I believe more than good marks education system should teach how they can become job creators instead of job seekers. This is the biggest fault I found in our educational system.

Till the time students will not learn to become job creators there will be always problem-related to unemployment. In this case, in-depth courses and guidance related to how to become an entrepreneur can play a big role.

I am sure there are many entrepreneurs in each and every state. So, colleges should take their help and let some classes be taken by them. And since these guys have real-life entrepreneurship experience they can share a good amount of knowledge.

This is my first honest advice which each and every school or colleges must do, whether they are from technical or management background. When students will meet them they will get motivated and this will create the spark on them.

There are five critical skills which every student should learn for their good future. And one of them is related to financial planning and management. If you are reading this article, I am sure you understand how important it is for the money to circulate in our life.

If you are not working as well as not earning well it will have many negative consequences in life. You will get frustrated and stay demotivated most of the time. And when I say learn financial planning it includes topics like how to file taxes, how to use share market, mutual funds, insurance and investments in share market, and how to manage monthly salary.

Because students and employees are not taught how to manage and invest their money and salary they just chill out and waste their money by purchasing expensive mobiles, bikes, clothes, watching movies etc. And this is what separates rich mentality person from poor mentality person. Rich people invest 50-60% of what they earn to multiple their income. Whereas common people spend 60-80% of what they earn. And that’s why rich become more rich and common people keep on losing money.

And trust me the person who will master this one rare skill will stay happy most of the time. So, if you are from India and want to learn about taxes and share market then I want to suggest two YouTube channels.

Follow them and watch their videos, you will get lots of knowledge free of cost. You can follow the YouTube channels run by Mr. Goapl Singh Negi (myTaxdost) for tax-related. He also runs one Facebook group with the same name. And the second channel is run by Mr. Aryaa (Aryaamoney) for information about the Indian share market.

The third most important skill which school and colleges must teach is related to innovation and creative thinking. In this course, students must be taught how to identify the common problems and what solutions they can come up with. The shortest way to become millionnaire is to identify some big problems and then provide solutions to a large number of people.

For example, I am sure you might have heard about Ola and Mr. Bhavish Aggarwal. By qualification, he is an alumnus of IIT Mumbai, which means he is from a technical background. Ola started with the mission to provide mobility to a billion people.

You see he founded Ola with Ankit Bhati by identifying the problem and rest is the history. And today, at the age of 34, Mr. Bhavish Aggarwal⁠ has a net worth of ₹31 billion and he is considered as the 11th youngest self-made billionaire under the age of 40.

Why I shared his life story because he understood all the three crucial points which I have mentioned in this article. Although he studied computer science and engineering he followed the path of entrepreneurship instead of doing some job. Then he understood how big money can be made. This is understanding financial planning and management. And he identified one big issue related to daily commuting and this made him a self-made billionaire. This is innovation and creative thinking.

So, if you’re a parent or teacher don’t just push your children to get good marks. Make them worthy individual so they can start and stand on their own. Or learn those skills which are in high demand in the job market.

There are so many things which we can start as an entrepreneur. The sky is the limit. But please remember these three crucial points which I have shared in this article. Plus, also remember there is no short cut. We need to work hard and smart long few years. Path of an entrepreneur is difficult but if you can walk well and for long you will achieve tremendous success.