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LATEST NEWS UPDATES | No jobs? Let them eat... -Jayanta Roy Chowdhury

No jobs? Let them eat... -Jayanta Roy Chowdhury

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published Published on May 18, 2017   modified Modified on May 18, 2017
-The Telegraph

New Delhi: The big red blotch on the Narendra Modi government's report card after three years in power is its dismal performance in job creation - and there are no indications that things will improve in the near future.

Cold statistics from the government's labour bureau show that job growth plummeted in key sectors to its lowest levels in eight years in calendar years 2015 and 2016 at 1.55 lakh and 2.31 lakh, respectively, compared with a high of over 10 lakh new jobs created in 2009 when the Manmohan Singh-led UPA was in office.

The more worrying fact is the continued chatter about layoffs in the information technology sector, a big employer of science and engineering graduates. Those fears haven't been quelled by recent assertions by the Modi government and Nasscom, the industry forum, that there will be no large-scale layoffs in the software industry.

The intriguing bit is that while the economy seems to be picking up speed with GDP growth projected at over 7.5 per cent this fiscal, it isn't translating into job creation on the ground.

One explanation for jobless growth is that companies are increasingly turning toautomation and digital processes even as they pare other costs, including wage bills, to future-proof growth and profits in a competitive environment.

That means that the Modi government's goal of creating 2 crore new jobs every year is fast turning into a daunting task.

Prime Minister Modi has often spoken about the demographic dividend that India enjoys with a fairly youthful working population with an average age projected at 29 by the year 2020 - one of the lowest in the world. But the inability to create jobs means that it runs the risk of triggering restiveness as an estimated 1.2 crore to 1.5 crore young Indians join the ranks of job seekers every year.

"We are not creating sufficient jobs in the organised, corporate sector. The effects of a global slowdown and local factors have only deepened the problem," said Pronab Sen, former chairman of the Statistical Commission. "The informal sector, whose data we do not capture in our official figures, was absorbing much of our new job seekers. However, after demonetisation, there is a big question mark on job creation in this sector as well."

The Economic Survey for 2015-16 underscores Sen's point. It said that only 3.7 million (roughly 35 per cent) of the 10.5 million new manufacturing jobs created between 1989 and 2010 were in the formal sector.

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The Telegraph, 18 May, 2017, https://www.telegraphindia.com/1170518/jsp/frontpage/story_152234.jsp


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