Mumbai : Confirming fears of a ‘jobless growth’, domestic rating agency Care Ratings on Monday said employment 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 building efforts will help, it noted and said, “employment growth has not kept pace with economic growth.”
It can be noted that the Union labour ministry had also conceded and set up a task force to work on the same. “The current growth is a jobless growth. Many European and Asian countries, including India, are facing it…growth is being reported but it is not reflecting in employment generation,” the then labour minister 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 does not.
