In the past few years, due to the adoption of liberalization, privatization and globalization of economy by India, many unskilled, semi-skilled and even young boys and girls passing out of professional educational institutions face the problem of unemployment more vigorously. It is commonly speculated by many thinkers that there is every indication that it will become a permanent feature of Indian society and may get worse in future. A high level joblessness in India assumes even greater significance because it complicates the social dynamics with possible negative fallouts in the presence of scarcity of resources, large population, illiteracy etc. The phenomenon of unemployment has been widely studied by political analysts, policy planners and labour economists in India. However, the same has not been done by other social scientists belonging to different disciplines, particularly, psychology.