Former finance minister P Chidambaram on Tuesday hit out at the government and accused it of steering a jobless growth, questioning if its policies are in favour of the rich.
“The world economy goes through cycles. We continue to build upon some of our internal inherent strengths, we continue to invest in infrastructure, we continue to push for certain key strategic sectors where we think we have a strong position in the future and build up strength there for example in pharmaceuticals and in certain areas of manufacturing. ”
The labour market has seen a structural shift away from farm jobs, but mainly to construction and not to high-value sectors such as manufacturing or services. Nor has the pace of job creation kept pace with economic growth, a new report has found.
New research by a SOAS economist on occupational mobility in 2005 and 2011-12 shows the simultaneous creation and destruction of millions of jobs in the economy
India s unemployment rate rose to 7.45% in February from 7.14% in the previous month, data from the Centre for Monitoring Indian Economy (CMIE) showed on Wednesday.