The Periodic Labour Force Survey (2017-18) makes the following two important observation about Indian economy: Shrinking share of the labour force. Rising unemployment. Unemployment Rates The labour force participation rate has shrunk to 49.7% in 2018 against 55.5% in 2012. This roughly translates into an absolute decline in the number of workers from 467.7 million in ..
The new government has committed to make India a $5-trillion economy by 2024. Here’s a brief outline of the idea. What does a $5-trillion economy mean? $5-trillion economy refers to the size of an economy as measured by the annual gross domestic product (GDP). GDP is the total monetary value of all final goods and services ..
Contractionary Policy refers to the monetary policy which aims to slow down the economy by introducing a reduction in money supply for lesser money and investment. There are many economic tools used by the Central Bank of every nation like CRR, SLR, Repo, Reverse Repo, Interest Rate etc. to keep a check on the volume ..
The most recent quarterly survey by the Labour Bureau showed India created only 1.35 Lakh jobs in 2015 in comparison to 9 Lakh in 2011 and 4.19 Lakh in 2013. This indicates that the days of jobless growth are back and India would be far from reaping the demographic dividend. Questions & Answers Why this ..
There are five sources of employment / unemployment statistics in India viz. NSSO, Economic Census, Employment Market Information Programme of DGET, Registrar General of India and Labour Bureau. The NSSO (National Sample Survey Office) releases its survey-based employment results every five years. It includes both organised and unorganised sector employment. Central Statistics Office (CSO) releases ..
There are several kinds of unemployment rate as follows. Open Unemployment Open unemployment is a condition in which people have no work to do. They are able to work and are also willing to work but there is no work for them. They are found partly in villages, but very largely in cities. Most of ..
Labour Force refers to the number of persons actually working or willing to work. However, workforce refers to the number of persons actually working. Thus, workforce does not account for those who are willing to work. The difference between labour force and workforce is the total number of unemployed persons. Number of Persons unemployed = ..
World Development Report categorizes economies on the basis of income in three categories viz. high income, middle income and low income economies. Usually, high income countries are known as developed / advanced economies while low income countries are known as underdeveloped economies. Developed or advanced economies are also characterised by high standard of living, universal ..