New Delhi, March 23 -- In 2011, a young male graduate earned about Rs.21,800 a month; a non-graduate Rs.9,000. By 2023, the graduate earned Rs.19,573 while the non-graduate Rs.10,507. Graduate earnings have fallen in nominal terms over 12 years. Adjusted for inflation, they have collapsed. This data, buried in Azim Premji University's fifth State of Working India report (2026), tells a stark story.

The headline story from the report is that 67% of India's unemployed youth aged 20-29 are graduates; i.e., about 11 million people. In 2004, graduates made up just 32% of unemployed youth. The share of graduates in the youth population has itself risen from 10% in 2004 to 28% in 2023. But unemployment among them has risen much faster.

The ILO...