An alarming decline in the number of employment generation in the country in the current financial year

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Mumbai, Ta. 13 January 2020, Monday

The economic slowdown has adversely affected the employment generation in the country. According to a report, there will be 2 lakh new jobs in the current financial year, compared to 5.5 lakh new jobs created in FY13.

According to the SBI's research report, some states like Assam and Rajasthan have seen remittances decline, showing a decline in the number of contract workers. According to data from the Employees Provident Fund Office, a total of 1.8 lakh new jobs were created in India in FY'6.

Given the current trend in fiscal year 1, the number of new jobs is projected to be 5.5 lakh less than last fiscal year, the report said.

During April-October 1, the total number of new payrolls stood at 1.8 lakhs, which can be as much as 1.8 lakhs if calculated on an annual basis.

The Employees Provident Fund Office data does not include government employment, state government employment and private employment data as the data is maintained by the National Pension Scheme. The National Pension Scheme also indicates current trends in the state and the central government to create 3 fewer jobs in the current fiscal year, the SBI report said.

In some states, including Assam, Bihar, the number of remittances from migrants in the last one year has also seen a decline. Companies may be cutting down on the number of workers under contract due to delays in disposal of cases under the bankruptcy process.

For the past few years, migration has become an important option for workers in the country. Due to uneven development, the workers of agricultural and industrially underdeveloped states are shifting to a larger extent in search of employment opportunities.

The report also said that the number of migrants here is very high because of the abundant employment opportunities in Delhi. These migrant workers are sending significant money to their native land.

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