81 lakh jobs needed in India per year



New Delhi, April 17: India needs to create more than 8 million jobs a year to maintain its employment rate which has been declining over the past decade, according to the latest World Bank report.



In its biannual South Asia Economic Focus (SAEF) report released in Washington on Sunday, the multilateral lender also projected India's growth rate to rise to 7.3 per cent in the ongoing fiscal.



"Every month, the working age increases by 1.3 million people and India must create 8.1 million jobs a year to maintain its employment rate, which has been declining based on employment data analysed from 2005 to 2015, largely due to women leaving the job market," the report said.



"(India's) growth is expected to accelerate from 6.7 per cent in 2017 to 7.3 per cent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption," it said.



The report projected the country's growth to further accelerate to 7.5 per cent in 2019-20 and 2020-21, while suggesting that India should seek to accelerate investments and exports to take advantage of the recovery in global growth.



In this edition of the SAEF titled "Jobless Growth?", the World Bank also said South Asia has regained its lead as the fastest growing region in the world supported by recovery in India.



"Much of the progress, however, is driven by India's growth rebound and is not consistent across countries. Despite accelerating global growth and trade, exports remain weak. Progress on fiscal consolidation is slow, and deficits are high," a World Bank release said.



The report contends that growth alone will not be enough to attain the higher employment rates enjoyed by other developing countries, especially among women.



"More than 1.8 million young people will reach working age every month in South Asia through 2025 and the good news is that economic growth is creating jobs in the region," World Bank South Asia Region Chief Economist Martin Rama said in a statement. 

 

 

IANS

Don’t Miss

SC Bar Association blames Centre for interfering in judicial functioning
India-Pakistan WAR on June 16, 2019!!!
Wah..Airport like railway station in India this year..See PIC
PM launches Rashtriya Gram Swaraj Abhiyan
Asaram has always tamed controversy, know more about the verdict
Angry Iran won't let US hurt its economy, takes a vow
While BJP's Swamy hails VP's decision, Shiv Sena criticises the move
Cash for vote..Rs 41300000 cash, 4.52 kg gold seized in Karnataka
9 new ministers to take oath as Amarinder Singh to expand cabinet
Breaking: POSCO Act: Ordinance on death for child rapists gets a nod
IMF expects this from India
Sensex ends flat at 34,415.58; tech stocks RISE
18 Rohingyas arrested in Tripura for entering country illegally
BMW India launches third generation of SUV X3
Apple working on iPhone SE 2
Now you don't need a commercial licence for taxis and autos
Modi warns Pak from London,stop terror else face surgical strike..Rapes are worrisome, says PM
10 Points: Where has all the cash disappeared from ATMs
Govt asks SC to reconsider Justice Joseph recommendation
7-yr-old dies as school van-tempo collide at Kanhaiya Nagar metro station
Indu Malhotra 1st women lawyer to become SC judge, Joseph on hold
Yogi red-faced..BJP MLAs praise Samajwadi development work of a Yadav
Simply Superb! Five looks of Ranbir Kapoor as Sanjay Dutt will surprise you
This BJP leader blames porn behind rising child rape cases!
Amit Shah blasts Rahul..Save the Constitution=Save Gandhi Dynasty..Rahul is insulting Ambedkar
50 IIT alumni quit jobs to form political party, declare mission statement
A 14-year-old abducted and raped in a temple in Haryana
Major controversies of Asaram Bapu
Infant raped, killed in MP; 1 arrested
Amitabh Bachchan 'attacked'.. Details here

Most Recent

Most Popular