Mumbai: In the midst of economic slowdown, here is a piece of news that provides some respite to lakhs of people who lost their jobs due to demonitisation. In the May-August 2019 period, about 404.9 million people were employed in India, which means 2.5 million more people were employed as compared to the same period last year. According to the Times of India report, the numbers revealed above are part of the CMIE survey.
The numbers this time are encouraging as in the preceding two May-August periods, employment had fallen in similar year-over-year comparisons. According to the survey, employment in the manufacturing sector declined by 0.9 million between May to August 2018 and May to August 2019 period. The textile industry and also the non-metallic shed quite a few jobs. Economic Slowdown: Consumer Confidence Dips, Over 50% Indians Feel Employment Situation Has Worsened, Says RBI Survey.
There has been an increase in low-skilled jobs which have risen to 296 million as compared to 289 million jobs in the same period last year. The low-skill jobs have therefore seen a jump of 7 million in a span of just one year.
According to a recent RBI survey, the consumer confidence has dipped to a six-year low in September, as a majority of the participants said their discretionary spending power has weakened over the past year.On the employment front, the survey projected a more concerning picture as more than half of the respondents have raised apprehension over unemployment. 52.5 per cent of the respondents felt the employment situation has worsened, whereas, 33.5 per cent said it would get worse in the coming year.
