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11/1/2017 Jobless growth is a major concern: CARE Ratings
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Jobless growth is a major concern: CARERatingsPress Trust of India, Mumbai, Oct 31 2017, 2:55 IST
Businessmen run up arrow, business people staged a race on the arrow, a business concept team work andgrowth Employment
Confirming fears of a ‘jobless growth’, domestic rating agency CARE Ratings on Monday saidemployment generation has not kept pace with GDP expansion,and termed it as a “major concern”.
Such a scenario calls for “proactive measures” from government and the recent infrastructure buildingefforts will help, it noted and said “employment growth has not kept pace with economic growth.” It canbe noted that the Union labour ministry had also conceded and set up a task force to work on thesame.
“The current growth is a jobless growth. Many European and Asian countries, including India, arefacing it...growth is being reported but it is not reflecting in employment generation,” the then labourminister Bandaru Dattatreya had said in May this year.
A jobless growth a situation in which an economy recovers from a recession but the jobs market doesnot.
From a sectoral basis, the agency said the services sector has extended some relief but manufacturinghas failed to create jobs in recent times. Banks, IT, retailing, and healthcare continue to create jobs,while mining, power and telecom have saw reduction in the employees, it pointed out.
The agency did a study of employment in the corporate sector for last five years and asked for the
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findings to be taken with caution because the unorganised sector and smaller businesses account for alarge share in employment generation. “It is however believed that these numbers are broadlyindicative of the trends witnessed in the last two years,” the report said.
Aggregate employees in 1,473 companies grew to 5.18 million in FY17 from 5.01 million in FY15, agrowth of a little over 1 percentage point per year compared to over nearly 7% economic growth.
Banking is the highest among sectors when it comes to generating employment, with a 21.3% share,and is followed by IT, mining, healthcare and textiles. Sectors which witnessed a fall in employment inFY17 from the previous fiscal included fast moving consumer goods, media and entertainment andpaper.
Crude oil, infrastructure, trading, automobiles and ancillaries, finance and hospitality, which hadrecorded negative growth in employment in FY16, also witnessed growth in FY17, it said. From a costof employment perspective, CARE said average salary has risen for a sample of 1,473 firms to Rs 8.35lakh in FY17 from Rs 7.13 lakh in FY15.
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M.V.Sridhara • 20 hours ago
Private corporate sector cannot per se be trusted to be focused on #Employmentgeneration. They are just interested in cost cutting and maximising profits;production ofgoods and services, their quality and employment intensity are never their concern---causing #JoblessGrowth. Trickle down theory of growth, expansion of the economycake and employment and incomes cannot happen unless there is concertedimaginative direct attack on poverty and distribution of incomes widely in the country.
Employment programmes exemplified by #MNREGS have to be duly encouraged,never derided politically. Productivity and incomes at the lowest levels have to beplanned and sustainingly increased;the #Poor will thus be enabled to improve the skilllevels, nutrition and health of their children. There will thus be inexorability in theincrease in incomes and employment of the poorest in India. Jai Hind!△ ▽
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