Labour, Jobs and Employment – Harmonization of labour laws, gender gap, unemployment, etc.

Panagariya blames industry for employment crisis

  1. News: Indian entrepreneurs’ tendency to invest only in capital-intensive businesses or those requiring high-level skills is to blame for the employment crisis in the country, according to Arvind Panagariya, Vice-Chairman, Niti Aayog
  2. These sectors did not create well-paid jobs for those at the bottom of the pyramid
    Indian firms have succeeded in sectors such as automobiles, software, telecom, finance and engineering
  3. However, investments in clothing, light manufacturing or food processing, where jobs could be aplenty for people with less or no skills, have been abysmal
  4. This is the reason why the transition in India of taking the workforce out of agriculture towards industry and services is the slowest in the world
  5. It was transformational growth of 8.3% from 2003-04 to 2011-12 but we didn’t see a transformation in the workforce because not enough well-paid jobs were being created for those who could migrate from agriculture
  6. That is actually an issue that industry associations need to take up on a war-footing
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