TRUTH: Where are the jobs, Mr. Modi?
In a finding by KLEMS India database, a research project supported by the Reserve Bank of India (RBI) to scrutinise the efficiency of the Indian economy has found that employment in the total Indian economy shrank by 0.1% in 2015-16 and by 0.2% in 2014-15. The data, which is available on RBI’s website, also hints towards job-destroying growth, instead of the jobless growth that had been the focus till now. A major concern presently was the failure of the Modi government to create new jobs, but now this finding shows the uglier truth, that in fact, it is killing the already present jobs in the market.
What is even more worrisome is that this development has come when the Gross Domestic Product (GDP) growth was relatively high. The real GDP was 7.4% in 2014-15 and 8.2% in 2015-16. Despite of this, there has been a job-destroying growth, let alone jobless growth. The sectors which witnessed a fall in employment were agriculture, forestry, fishing’, mining, manufacture of food products, textiles, leather products, paper, transport equipment and trade among others.
Also read: LIE: GOVERNMENT CREATED 7 MILLION JOBS
Another question which arises, which is again a question of serious concern, is that if the employment contracted during 2014-15 and 2015-16 when the GDP growth was relatively high, what would be the scenario in 2016-17 and 2017-18 when the economy was disrupted and lower growth was witnessed due to implementation of demonetisation and goods and services tax (GST).
What is also disappointing to know is that the employment rate was much higher in the early eighties and nineties even when the GDP growth was lower as compared to present. This proves that the current ruling dispensation, the Bharatiya Janata Party (BJP) has proven to be utter failure when it comes to taking economy-related decisions.