JOBLESSNESS: 50 lakh jobs lost since 2016 Demonetisation, says Premji University report

GRAPHICS COURTESY: NewsClick
NEWS / JOBLESSNESS
MUMBAI: A report released by the Centre for Sustainable Employment (CSE) under Azim Premji University, backed by a recent study, stated this week that some 50lakh jobs were lost since the time of Demonetisation in November, 2016. The present Lok Sabha polls are fought by the Congress by mainly highlighting two aspects, namely joblessness and the commission the Anil Ambani group reportedly got – some Rs 30,000crore – in the Rafale fighter jet deal.

The report notes that the rate of unemployment in the country was steadily on the decline, and not linked directly to one step like demonetisation. It said,  “After remaining at around 2 to 3 per cent for the first decade, the unemployment rate steadily increased to around 5 per cent in 2015 and then just over 6 per cent in 2018.”

A reason cited for joblessness is the downslide in India’s industrial manufacturing sector, due to the impacts of globalization and liberalization. Chinese goods flooded the markets, which were cheaper, and Indian manufacturing industry failed to catch up with this situation. Also, progressively, the cottage industries were put on the defensive as machine-made goods took the lead in the markets. 

However, the services sector, a newly developing field, is providing lakhs of jobs to youths, and these are not often accounted for in the headcount for jobs. –IHN-NN

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