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LATEST NEWS UPDATES | It Is Time to Address India's Abysmal Job Creation Record -Pradeep S Mehta & Amol Kulkarni

It Is Time to Address India's Abysmal Job Creation Record -Pradeep S Mehta & Amol Kulkarni

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published Published on Nov 25, 2016   modified Modified on Nov 25, 2016
-TheWire.in

More than 550 jobs were lost each day in the last four years in India, placing it behind Bangladesh and Vietnam in terms of job creation.

The sheer pressure of poverty means that job creation will always be high on the agenda of any government. In India, significant public resources have been invested to encash the demographic dividend and prevent it from becoming a burden. But the results have been far from desirable for several reasons. The unemployment rate has touched 5%, a five-year high, and around 35% of the working population is under-employed. Fewer jobs are being added to the economy with each passing year. When compared to other countries, India’s performance on job creation has been abysmal. Our rate of job creation is half that of Vietnam. In fact, it has been suggested that 550 jobs were lost every day in the last four years.

Before considering the possible strategies on job creation for India, it is necessary to consider the emerging political and economic strains in both the local and the global context, within which job-creation strategies will operate.

Recent trends suggest a dwindling potential for manufacturing. But the government is pursuing a manufacturing-led job creation strategy. Experts in NITI Aayog suggest emulating China is still possible. China built its export-led growth on massive infrastructure investment, which facilitated easy access to power, water, transport and information infrastructure. While India is gradually improving on these counts, replicating the China story will be difficult, given the differences in social and political milieu of the two countries, as well as changed global scenarios.

Putting all eggs in one basket (that is, export) and depending on trade will be naive, considering the increasingly uncertain global political environment wherein benefits of free trade and liberalisation are being increasingly questioned with complex social forces becoming an important determinant. A new conservative world order might be in offing as Donald Trump starts preparing to take over as president of the US early next year.

Large-scale industries that have mainly driven growth and employment domestically as well as in other countries have been fueled by traditional energy sources like fossil fuels such as coal and gas. Continuous reliance on fossil fuels and faith in non-renewable energy fed success stories along with hope for their revival and repetition, will be undesirable in a sustainability conscious world. This will also be antithetical to the commitments made by the Indian government at several international forums to reduce the domestic carbon footprint. It will also adversely impact our chances to lead the global transition to clean energy.    

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TheWire.in, 25 November, 2016, http://thewire.in/82017/india-abysmal-job-creation-record/


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