I am astonished to see the news where the Honourable Finance Minister replied in the above way when asked by some journalists regarding whether any special allocation would be given in the upcoming budget for employment generation. I would like to ask the minister-- is there any statistical authentic data in favour of his claim or simply its a political statement? Or the concept and definition of unemployment needs to be explained. It is known to every economist when a skilled man or woman wants to work & if there is not enough opportunity in the job market to accommodate him/her, it is said to be unemployment.More critically, in economics if skilled men and women are accommodated to such a field which is not relevant to their disciplines & if they can't create any value, it is also treated as unemployment. And I think it is not unknown to the minister that the present unemployment rate of educated people is pretty high.
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