Executive search firm GlobalHunt's MD Sunil Goel said in the last couple of years Indian and global economies have been facing slowdown. New business expansions are also not happening at all or has gone down, he added.

A large pool of youth in the age group of 18-25 years despite being skilled are facing unemployment issues since there are not enough opportunities for them, Goel said.

In India, ILO report showed, 21.2 percent of working men (aged 15-59) had a regular salaried job (in 2011/12 period).

"India's biggest worry and centre of all debates essentially needs to be the growing informal employment which counts for 94 per cent of the workforce and is growing faster than formal employment," Indian Staffing Federation Vice-President Rituparna Chakraborty said.

Chakraborty further said there is a need to seriously invest and build skills amongst the youth. It means "a complete overhaul of our education system closely integrating it with an effective apprenticeship regime," he noted.
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