India is perhaps going through one of the worst phases of economy since independence. Inflation is ruling the roost and the country staggers under the cloud of weakening rupee. While the Reserve bank of India struggles to protect the rupee and keep the country from sinking, the people of India have a different concern – jobs and career opportunities. In the present conditions, jobs are limited, job seekers are teeming in millions and opportunities look bleak. The good thing is that there is light at the end of a short dark tunnel.
The dark cloud over Indian economy and job scenario
The UPA government of India has a very negative factor to its name – jobless growth. India, as a country has grown in the past decade. It has scaled heights in various sectors. However, the number of jobs has not grown correspondingly. One of the reasons for this undesirable scenario is the fall of manufacturing sector in the country. With more and more products being imported and the implementation of FDI in retail as well as the manufacturing sector, employment potential has dropped drastically.
If you look at the statistics, you can see that employment growth between 1972 and 1983 in the primary sector was 1.7 percent whereas between 1993 and 2009, the growth fell to just 0.7 percent. In the tertiary sector, job growth reduced from 4.2 in 1972-83 to 3.1 in the period 1993-09. On the whole, jobs growth has fallen from 2.4 percent in 1972-83 to 1.7 percent in 1993-09.
In the long run, excessive orientation towards service sector might spell doom on the economy because it makes india dependent on products developed by other countries. In order to sustain growth and generate more number of jobs at a steady pace, India has to pay more attention on the manufacturing sector. This week, Prime minister Dr. Manmohan Singh said in a statement that india needs to become an economy based on manufacturing and product development instead of service.
The silver lining on Indian economy and jobs
The silver lining is that experts suggest an improvement in Indian economic conditions, perhaps after the 2014 elections. The investor sentiment, which is undesirably low in the current times, is going to improve once the political volatility in the country gets more stable. Jobs are going to be more available.
Interestingly, the younger generation today seems to prefer jobs in the government sector because of the stability it provides. Also, after the implementation of the sixth pay commission, salaries of the government sector have increased considerably, which is a great incentive as well. Also, with the Indian economy getting more liberalized and the world turning into a global village, more streams apart from the traditional ones are going to present enormous number of employment opportunities for the Indian youth.
You cannot deny the fact that economy and career opportunities are deeply interrelated. With improving conditions in the country, the job and opportunity sector is definitely going to change for the better.
Last Updated: 10/12/13