- Growth rate of economy is reliably declining.
- Employment growth in India backed off definitely amid 2012-16, after minimal change in 2010-12, according to the most recent business information gathered by labour bureau.
- India’s might be the fastest developing economy yet on arrangement of tallies the development is declining.
Related markers:
- Unemployment rate is rising. Only 59.9 million jobs created during NDA-I on the other hand close to 5% of labour force remained jobless in the FY-2016.
- In 2015, 19000 jobs lost in Jewelry sector, 11, 000 jobs lost in handloom sector and the job creation slipped from 2012.
Challenges:
- Our youth are getting more and more educated but the growth of employment is not satisfactory.
- To expand the job creation is the biggest challenge.
- Low growth in manufacturing sector.
- 5-6 million OBCs graduate every year.
Details:
- People lost jobs because of cash crunch after demonetization.
- Credibility of labour bureau data is questions as there are some issues with the data.
- Lack of planning with respect to progress and also about implementation. .
- Growth rate of economy is consistently declining and also there is no correlation between GDP growth and employment rate.
Future moves:
- India needs to grow fast if it wants to absorb large number of labour force.
- Increase in expenditure
- Young’s are getting more and more educated. There is increase in secondary enrollment
- Fiscal stimulus
- Careful planning in schemes
- Huge infrastructure to be created.
- Economy cannot be run on single engine that is on public sector alone, so private sectors should come forward.
- Agriculture sector have to sustain the growth of poor people.
- Export need to enhance.
- Export manufacturing sectors
- Quota in the private sector:
- There is less number of government jobs in various fields like judges, teachers, doctors etc.
- There is need to generate more jobs in public sector.
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