Employment Data: A cause of concern |
Noted economist Prof Kaushik Basu, has expressed disappointment over unemployment data being held back and underlined indications of an economic slowdown in the country. Addressing the 54th Convocation of Indian Institute of Management - Ahmedabad on Saturday, Carl Marks Professor of International Studies at the Ivy League Cornell University in US, Basu said, “There are unmistakable signs of India`s economy slowing down over the last few years. The latest data on industrial growth, pertaining to January, shows that India`s industry is barely growing, with the growth rate down to 1.7 per cent... What is happening to overall growth? The official data shows that GDP growth in the last quarter has gone down.” In 2017-18 India`s exports were a little less than what the country exported in 2013-14, “which means virtually zero per cent growth in exports on average for four years, which has rarely happened in the past,”. “It is unfortunate that data on unemployment are being held back. The concern about this, expressed recently by 108 leading economists, is a genuine concern,” he said. The economist highlighted the distress situation in the agricultural sector and expressed concern on the jobs front. “The farmers feel neglected. The most worrying is the jobs situation.
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