India Is Creating Fewer Jobs For World’s Biggest Workforce
- Sees at least 1.6 million fewer jobs generated in FY20
- Risk is that tax collections, consumption will remain weak
This article is for subscribers only.
India will create at least 1.6 million fewer formal jobs across government and low-paying sectors, State Bank of India estimates, a segment that typically absorbs some of the millions of youth entering the world’s biggest workforce each year.
There’s also evidence that people who migrate within the country for employment are sending less money home to some of the poorest states, Soumya Kanti Ghosh, chief economic adviser for the nation’s biggest bank, wrote in a report on Monday. The data indicate that India’s consumption and tax collections could stay weak for longer, he said.