With high levels of unemployment and vulnerable employment on the rise, the work in India is still facing tremendous challenges in terms of job creation and sustainability, warns a new Labour Bureau of India.
Unemployment rate in India has gone up to a five-year high of 5 per cent in 2015-16, with the figure significantly higher at 8.7 per cent for women as compared to 4.3 per cent for men, says a report by Labour Bureau. The figures could be an alarm bell for BJP-ruled government at the Centre, which has taken a series of steps such as ‘Make in India’ to create jobs for inclusive growth in the country.
Still unemployment in India is projected to witness marginal increase between 2017 and 2018, signalling stagnation in job creation in the country, according to a UN labour report.
Job creation in India is not expected to pick up pace in 2017 and 2018 as unemployment rises slightly, representing a snail pace in percentage terms. According to the sources ,the Demonetisaion led a huge impact on jobs in India. 35% jobs losses in first 34 days,which seems to be the more loss of jobs than creation of jobs. To many it may seem like a bold move by a confident Prime Minister, but to others, it spelt nothing but doom.
As we have witnessed many IT firms lay off employees.Whether it may be cognizant,wipro, infosys and many small scale IT companies.
IT companies in India are in the midst of the industry’s largest reduction drive, with seven of the biggest IT firms planning to ask at least 56,000 engineers to leave this year.
The numbers are just double the employees laid off in the last year.The companies include both Indian and multinational firms with a large footprint in India.The seven companies—Infosys Ltd, Wipro Ltd, Tech Mahindra Ltd, HCL Technologies Ltd, US-based Cognizant Technology Solutions Corp. and DXC Technology Co., and France-based Cap Gemini SA—and which together employ 1.24 million people, plan to let go of 4.5% of their workforce in 2017.