We suffer high (about 40 million) unemployment, and even more acute ‘underemployment’. A Crux study of the last two economic boom cycles confirms a slowing pace of job creation. The correlation between corporate revenue and jobs is weakening, down to 0.15 per cent from 0.4 per cent for every one per cent growth in topline and is at a historic low.
Jobs are key to inclusion and upward mobility.
Structural, Weakening Shift In Demography. Transition Uneven India may be at the end of the demographic ‘dividend’ curve. The working-age population at 63 per cent is the envy of the world but in a jobless growth ecosystem it is turning out to be a misfortune. At 23 one is old in Uttar Pradesh, but at 34, one is young in Kerala. Exploiting the demography will need a scalpel.
We have used the hammer. The economy ‘creates’ merely 60 per cent of the jobs needed. Labour force participation at 45 per cent is the lowest amongst economies of our nature. The female workforce participation is even worse; and retreating. It’s even lower than that of Pakistan. This must worry us. The job ecosystem has several other inimical features. About a third of all male graduates in their twenties are unemployed.
A Crux study highlights that the young and educated’ ‘wait’ 42 months for jobs compatible with their qualification. The eager ‘accept’ and get absorbed in low-productivity segments of the unorganised sector. ‘Continued’ engagement in family firms and farms is the last resort, implying under-employment; and no better.
Denne historien er fra December 17, 2022-utgaven av Businessworld India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 17, 2022-utgaven av Businessworld India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.
