Indian economy highest employment generator in the world, generated more than 11.3 million new jobs Rapid growth may lead to manpower crunch: HIGH- SUSTAINED growth in India is generating huge employment opportunities in the country, and a flow-on effect to many sectors - a phenomenon which is increasingly highlighted in reports.
The Organization for Economic Cooperation and Development (OECD) in its Employment Outlook 2007 report released this week has said that India, the world's second-fastest growing economy after China, generated more than 11.3 million new jobs every year from 2000 and 2005 - higher than Brazil (2.7 million), Russia (0.7 million) and China (7 million).
This bloc of four countries is referred to as the BRIC nations. Paris-based OECD comprises 30 developed countries, including the US, UK, France, Germany and Japan.
The OECD report comes in the wake of other indicators of high employment avenues in India, resulting in a manpower crunch as well.
Federal Finance Minister P Chidambaram recently said that the Indian economy should grow at 10 per cent in the current fiscal year, following on 9.4 per cent in the last fiscal year and 9 per cent in 2005-2006.
In a recent study, industry body, the Associated Chambers of Commerce and Industry in India (Assocham), has identified aviation, hospitality, brokerages, insurance, software, business outsourcing and retail as sectors that will generate maximum jobs for young people.
