There are conflicting numbers on India’s unemployment situation. Where do you stand?
On unemployment, I have no hesitation in saying that some of the negative narratives that have often been painted using poor-quality data have run ahead of the actual reality. The recent RBI [Reserve Bank of India] report uses data from the KLEMS [an industry-level research project] database. From the vantage point that I occupy at the International Monetary Fund (IMF), I can say that the KLEMS database is a high-quality database. Using that data, the RBI report shows that from 2014 onwards, 12.5 crore jobs have been created.
Even if you exclude jobs created in agriculture, there are still close to 9 crore jobs that have been created. Which means, over a 10-year period, the average number of jobs created per year is about 90 lakh. Using the same data, the number of jobs created from 2004 to 2014 was far lower. The PLFS [Periodic Labour Force Survey] data also shows that unemployment rate has declined significantly, and labour force participation rate has increased, especially for women. I have no hesitation in saying that jobs are being created.
As we had highlighted in the 2018–19 Economic Survey, in an economy like ours, jobs have to be created by the private sector. There is this demagoguery that is premised on a false binary that if you are supporting companies then you are not supporting employment creation. That is not true.
Denne historien er fra September 2024-utgaven av Outlook Business.
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 September 2024-utgaven av Outlook Business.
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
'Automation is Redefining Efficiency and Precision in Jewellery Manufacturing'
Increasing brand consciousness and awareness among consumers is helping expand the organised jewellery retail industry. MP Ahammed, chairman of Malabar Group, discusses prominent trends in the jewellery industry
BATTLE TO WIN THE AI RACE
In Supremacy, Parmy Olson tells the astonishing and behind-the-scenes story of the battle between the world’s two leading artificial intelligence firms, OpenAl and DeepMind and the continuing rivalry of its founders Sam Altman and Demis Hassabis respectively
A LEADER WHO EMPOWERS
Anshul Arzare, MD and CEO of YES SECURITIES, wants to ensure a workplace where employees not only contribute to the company's vision but also feel content
EV Unplugged
Electric vehicles are crucial to India’s climate change plan. But reliance on China for imports and technology constraints remain hurdles the sector needs to overcome
Every Lamborghini Owner is a Brand Ambassador
Regional director of Automobili Lamborghini, Francesco Scardaoni, talks to Prachi Khanna about the brand’s approach to fostering a sense of community among its vehicle owners. Edited excerpts
NO ZEST FOR ZED
A government initiative to green MSMEs is not finding enough takers
SMALL PLANTS, BIG TROUBLE
Climate-triggered stress is placing an unprecedented burden on small businesses. But a lack of access to climate aid hinders the sector's ability to adopt greener methods
'We Think About the Rider More Than Any Other Company
Rapido co-founder Aravind Sanka talks to Neeraj Thakur and Deepsekhar Choudhury about how flexibility and fair pay helped his company disrupt the Ola-Uber duopoly. Edited excerpts
LABOUR PANGS
Rising cost of living in a fast-growing economy is making workers restless
'Hustle is No Virtue'
It has become fashionable to talk about the verb “hustle” these days, especially in professional settings.