A recently released report that covers eight key sectors of the non-farm economy has stated that India’s economy is growing at just over 7% per year. However, in comparison, jobs increased by just 1.1% last year.
An earlier report had pegged that joblessness in India was at 5% in 2015, a five-year high. Also, under-employment was pegged at a staggering 35% of the labour force over 15 years of age.
Both reports are outcomes of large surveys that by the Labour Bureau carried out across the country.
While the data suggests that that even after various initiatives to curb unemployment, the government is facing a growing employment crisis. However, providing decent jobs was a promise made in the election manifesto for the general elections of 2014 that led BJP to the centre, as well as of several state elections.
The common household of India, which was up until now riding on the IT boom, has also been marred by the recent large-scale layoffs in several IT and BPO majors.
Also read: Indian IT industry left behind, should panic; says Rajat Gupta
(Image source Marxist)