50 lakh jobs lost after demonitisation | The Background

Monday, November 29, 2021

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50 lakh jobs lost after demonitisation

The Background: Post demonitisation, at least five million people lost job opportunities, a report, released by the Centre for Sustainable Employment (CSE) of the Azim Premji University on Tuesday says.

The report says, India is facing a crisis of both quantity and quality of employment. Despite lack of recent official statistics, it seems clear, both from private data sources such as the Centre for Monitoring the Indian Economy (CMIE) as well as the leaked Periodic Labour Force Survey (PLFS) report of the National Sample Survey Organisation (NSSO), that the rate of open unemployment has steadily risen over the past few years.

As per the PLFS 2017-2018, open unemployment stands at a historic high of 6.1 per cent, and unemployment among educated youth has reached 20 per cent. Unemployment in urban areas at 7.8 per cent is higher than the unemployment rate in rural areas (5.3 per cent). In addition to this, Indian towns and cities continue to be plagued by the prevalence of low-wage, poor quality, informal work. PLFS data show that despite a rise in the prevalence of regular-salaried work, just over 50 per cent of the urban workforce remains either self-employed or in casual wage work.

At the same time that our towns and cities are facing a crisis of jobs, there is also a crisis of the quality of life due to ecological stress and lack of adequate public services. As malls, motorcycles, and mobiles proliferate, the streets are in disrepair, water-bodies are rapidly being degraded, green spaces are disappearing, the quality of air is deteriorating, and common spaces are shrinking.

According to the report, creating jobs, improving the capacity of urban local governance, and supplying quality public goods and services requires serious public investment.

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