'Jobs crunch looms, need growth and labour reform'
- Mali hostage crisis ends as security forces gun down militants; 27 killed
- Sheena Bora case: Peter charged with murder, criminal conspiracy
- Nitish Kumar sworn in as Bihar Chief Minister; Lalu's sons in Cabinet
- UP keeps its distance from Bihar: Why Mulayam, Akhilesh didn't attend Nitish swearing-in
- Madras HC stays cancellation of Greenpeace India registration
India will face a shortage of about 17 million non-agricultural jobs by 2020 if labour reforms and high-growth policies are not taken up immediately, says the Economic Survey. It says that this massive shortage — about six times the current numbers — could trigger social unrest.
Referring to recent incidents of violent labour unrest in the automobile sector, the Survey has suggested the setting up by industry of a Supplementary Unemployment Benefit Fund. "India's continuing on a rapid growth path is not pre-ordained. It requires deft policy-making and a broad vision for the future, and identification of possible risks and opportunities," it notes.
Painting three scenarios of 'business as usual', 'reforms' and 'decline', the Survey says vast improvements in infrastructure, education, business regulation and labour laws are critical for India not to slip "into a comfortable 6-7 per cent (growth rate), the new normal". These reforms, it says, are essential to provide jobs for the army of labour that is likely to move from agriculture to industry by 2020. The migration to industry from agriculture would result in farms employing just 40 per cent of the workforce, it says.
- Modi can leverage foreign policy to repair his domestic image
- Muslims biggest losers from our reservation policy, one that Bhagwat rightly wants reviewed
- If Pak state really cared for its people, it would put national economy above all else
- Despite little coverage in India, the Argentinian presidential election is significant
- Uday lacks a strong, accessible monitoring mechanism critical for its success
- What Mr Mani Shankar Aiyar won’t say