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Jobs may shrink by 7 million by the year 2050, says study

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According to a study India may lose as much as 7 million jobs by 2050. It needs to focus on unorganized sector to improve the situation.

New Delhi- Oct 16, 2016. Rednewswire/-

According to a new study, India loses about 550 jobs on a daily basis since the past four years and if things remain the same, 2050 may witness a loss of 7 million jobs.

The study conducted by PRAHAR a Delhi-based civil society organisation says that today most vulnerable sections in our country are farmers, laborers, construction workers and small vendors who are  facing severe livelihood problems.

India has been able to create only 1.35 lakhs jobs in 2015 s compared to 4.19 lakh jobs in 2013 and 9 lakh in 2011, says a data released by Labor Bureau in 2016. An in depth analysis showcases a more scary scenario. More and more livelihoods are being lost in our country daily. In the last four years, the country has been losing 550 jobs each day and might lose as many as 7 million jobs by 2050 when the population is expected to be 600 million.

The figures projected by the data make it clear that India is increasingly slowing down in terms of employment creation. “This (rise in unemployment) is because sectors which are the largest contributor of jobs are worst-affected. Agriculture contributes to 50 per cent of employment in India followed by SME sector which employs 40 per cent of the workforce of the country,” says a statement by Labor Bureau.

The organised sector contributes a mere 1 percent of employment in India. Our country has only 30 million jobs in the organized sector and 440 million in the unorganized sector. The data released by World Bank says that out of the total employment  in India the percentage of employment in agriculture sector has reduced to 50 percent in 2013 from 60 percent in 1994. According to the data, intensity of labor in small and medium organisations is 4 time higher in comparison to large enterprises.

It says that India should go back and focus on sectors like agriculture, small and micro enterprises, unorganized retail which contribute to a major portion livelihood in our country with 99 percent. This can be done with the help of government. In the 21 century, our country needs smart villages more than smart cities.

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