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.
RE:INDIA
by Amit Arora on Jul 26, 2007 12:19 PM Permalink
In another study, it said that the country's booming construction industry, currently at US$70 billion, will rise to US$120 billion by 2010, requiring manpower of over 90 million from the current 30 million. The OECD report says that India also has the lowest rate of jobless people among BRIC nations. The country's unemployment rate stood at 6 per cent in 2005, compared with China's 8.3 per cent, Russia's 7.9 per cent and Brazil's 9.3 per cent. Moreover, the employment to population ratio is also lowest in India, the world's second-most populous country after China, at 50.5 per cent in 2005. In contrast, it stood at between 66-71 per cent in the other three BRIC countries. The study "Job Opportunities in Emerging Sectors" by Assocham said that high consumer spending has resulted in big interest in the retail sector, 97 per cent of which is still unorganised. It is estimated that the organised segment alone will add up to US$14 billion in market size by 2010 to cross US$21.5 billion, creating two million jobs directly. The hotel sector will need a new workforce of at least 94,000 by 2010-11.The aviation space is growing at 25 per cent yearly. The industry is expected to add 130 planes to the current fleet of 270 airliners and create 200,000 jobs by 2017, the study also said. The information technology (IT) and IT-enabled sector - the biggest employment generator - with a work force of 1.63 million in recent times, will continue to hire most aggressively and is expected to fall
RE:INDIA
by T D on Jul 30, 2007 01:27 AM Permalink
"The OECD report says that India also has the lowest rate of jobless people among BRIC nations. The country's unemployment rate stood at 6 per cent in 2005, compared with China's 8.3 per cent, Russia's 7.9 per cent and Brazil's 9.3 per cent. Moreover, the employment to population ratio is also lowest in India, the world's second-most populous country after China, at 50.5 per cent in 2005. In contrast, it stood at between 66-71 per cent in the other three BRIC countries."
Aren't these statements contradictory? India is supposed to have lower unemployment rate as well as employment rate? Which number should we feel happy about?
RE:INDIA
by Kannan Palaniswamy on Jul 26, 2007 12:36 PM Permalink
We use to buy parts from Japan in Dollars. As soon Dollar value came down in 2005 similar to current scenario, Japaneesse company changed the currency to Yen to save themselves. So our exporters have to be clever these kind of problems.
RE:INDIA
by saravana kodandapani on Jul 26, 2007 08:03 PM Permalink
You can only do that if you are exporting items on the higher end of the value chain like automobile components,Nuclear submarines etc. You cannot do that if you are exporting textiles,peanuts etc
