Jobless growth may have major impact on economy: Care 31/10/2017

Jobless growth may have major impact on economy: Care
31/10/2017 16:11

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Domestic rating agency Care Ratings has said that employment generation has not kept pace with GDP expansion and it is a major concern for the economy.
Commenting on the issue, a CARE Official told the media, “Such a scenario calls for proactive measures from government and the recent infrastructure building efforts will help. Employment growth has not kept pace with economic growth."
“The services sector has extended some relief but manufacturing has failed to create jobs in recent times. Banks, IT, retailing, and healthcare continue to create jobs, while mining, power and telecom have saw reduction in the employees,” he added.
As per the report, aggregate employees in 1,473 companies grew to 5.18 million in FY17 from 5.01 million in FY15, a growth of a little over 1 percentage point per year compared to over nearly 7 per cent economic growth.
Banking is the highest among sectors when it comes to generating employment, with a 21.3 per cent share, and is followed by IT, mining, healthcare and textiles. Sectors which witnessed a fall in employment in FY17 from the previous fiscal included fast moving consumer goods, media and entertainment and paper.