Economic growth without creating employement oppurtunities
Answers
On a national scale, unemployment rates affect consumer confidence in a variety of ways, including the desire to make purchases. As a small business owner, you can affect your local economy by hiring additional workers as long as your hiring is in response to consumer reaction to your company's products and services.
India is the only major economy to have a talent surplus by 2030 with 245 million more manpower in the next 12 years. This is opposed to a deficit of 85.2 million workers across other economies analysed. The survey has been done across sectors such as financial and business services; technology, media and telecommunications; and manufacturing.
While a member from the Economic Advisory Council to the Prime Minister (EACPM) said 15 million jobs were created in 2017, a major think tank Centre for Monitoring of Indian Economy (CMIE) challenged it and quoted the job creation number as 1.4 million for the same period.
Another piece of data called the The Ghosh & Ghosh report, compiled by Kanti Gosh of SBI and Pulak Ghosh of IIM Bangalore, stated creation of approximately 7 million new jobs were created in 2017-18.
A report by the Employees Provident Fund Organisation (EPFO) more than three million new jobs were created in the six months to February 2018. Many argue that the EPFO data points out at the formalization of jobs in informal sector and not the creation of new ones.
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