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LATEST NEWS UPDATES | Forget more jobs, employment fell in first 2 years of Modi government -Pragya Srivastava

Forget more jobs, employment fell in first 2 years of Modi government -Pragya Srivastava

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published Published on Apr 5, 2018   modified Modified on Apr 5, 2018
-The Financial Express

An RBI-backed research by KLEMS India shows that the employment in 27 sectors fell by 0.2% and 0.1%, respectively in the years 2014 and 2015.

For a long time, there is a contention that India’s impressive growth story has been devoid of a similar expansion in jobs, with the proponents, on the other hand, calling the theory a hoax. In absence of comprehensive jobs data, India’s actual employment story remained uncorroborated and dependent on just eight core sectors. Now, a more comprehensive database tracking employment stats in 27 sectors shows that employment rate indeed fell in 2014 and 2015 — the two high growth years. Besides these two years, employment also fell in 2012-13, and at a sharper rate, followed by a strong upswing.

An RBI-backed research by KLEMS India shows that the employment in 27 sectors fell by 0.2% and 0.1%, respectively. India’s GDP growth was 7.4% in 2014-15 and 8.2% in 2015-16. KLEMS India database is a research project supported by the Reserve Bank of India (RBI), to analyse productivity performance in the Indian economy at the disaggregated industry level.

The sharpest fall in employment in last 10 years did not come only between 2014 and 2016, but two years prior to that in 2012-13. It was followed by a sharp rebound in the following year 2013-14 — the year that ended just before Lok Sabha elections. But again, the employment level fell in India in the years prior to two structural changes demonetisation in 2016 and the Goods and Services Tax (GST) in 2017.

Employment rise & fall in different sectors

A sector-wise analysis of the data shows that the highest number of fall in employment has been in the agriculture sector, while in the construction sector (8.2% and 8.2%), it has gone up. It can be understood that 2014-15 and 2015-16 were drought years that may have resulted in job loss in the agriculture sector.

There has been a substantial fall in employment in woods and product of woods sector (5.9% and 6.1%), telecommunication (2.9% and 3.0%) and Public Administration and defense (2.6% and 2.8%), while Electrical and Optical Equipment sector (10.1% and 9.1%) had the maximum job growth. Of the total 27 segments, 13 witnessed fall in employment numbers while other witnessed a rise.

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The Financial Express, 30 March, 2018, http://www.financialexpress.com/economy/forget-more-jobs-even-the-existing-ones-disappeared-in-first-2-years-of-modi-government/1115882/


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