The great employment question: Is the job market shrinking or transforming?

Latest PLFS shows unemployment rate fell to its lowest level of 3.2% in July-June 2022-23

Krishna Raj Bharti’s eyes gleam with hope as he shows his electrician trade certificate given by a private training institute. Bharti, the first in his family to earn a diploma, is excited to join his first ‘job’ in a factory in Bawana in Delhi that manufactures electrical panels.

“I will be earning less money. Given that I have my certification and I will also learn during the job, I will be able to get a decent job by the end of next year,” said Raj Bharti, 25, who lives in Narela in North Delhi.

Youngsters like Raj Bharti are the