Reasons for current unemployment scenario
- Large Population size has created a demand side pressure on employment.
- Slowdown of Economic Growth as GDP growth decelerated for two consecutive years from 8.2% in 2016-17 to 7.2% and 6.8% in 2017-18 and 2018-19 respectivelydue to bad agriculture year, erratic oil prices, banking sector crisis, unpredictable global situation fuelled by trade wars between US and China, Brexit, Conflict between Iran and US etc (affecting India’s exports) etc.
- Differences in productivities across sectors and firms within the same sector: For example, in 2011-12, agriculture employed nearly half of India’s workforce but accounted for only 15% of its GDP. Within ....
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