IS THE JOBS ‘CRISIS’ OVER?
A key criticism of the Narendra Modi government is that it failed to provide enough jobs for India’s burgeoning ranks of job-seekers, turning what was long touted as a ‘demographic dividend’ into a potential tinderbox of anger and resentment. But last week, the Employee Provident Fund Organisation (EPFO) released data for the first time that showed millions of jobs were created in the six months up to February this year, giving ballast to the government’s claim that jobs data so far did not reflect facts on the ground. In the meantime, new Tripura CM Biplab Deb has reportedly annoyed Modi by suggesting educated young people in his state would be better off setting up paan shops and milking cows than looking to the government for jobs.
The six-month total up to February 2018, for employees added to the state-run EPFO; 472,052 were added in February, down from 604,557 in January
India’s unemployment rate in March 2018, according to the Centre for Monitoring Indian Economy (CMIE), up from 3.4% in July 2017; projected to reach 6.8% in April
Jobs in India during FY2017-18, says CMIE; down 700,000 jobs from the previous year
Employees added in the 18- to 25-year-old category over 6 months, says EPFO data, a proxy for new jobs, suggesting about 4 million payroll jobs added in a year
8.1 MILLION 23.7 MILLION
Applicants for 89,409 jobs (or about 265 per post) advertised by Indian Railways last month, suggesting the desire for formal employment
Of employment is generated by the poorly paid informal sector
Jobs have to be created in India per year, said the World Bank in a recent report, for the 1.3 million being added to the working age population every month