What’s the Saas got to do with It

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In the past two decades, the Indian economy has been transformed by economic growth. Millions of workers have left agriculture. The proportion of salaried workers has risen while the proportion of casual workers has fallen. Alongside these desirable developments, challenges remain. The pace of formal job creation remains slow compared to informal employment opportunities. The manufacturing sector has failed to expand its share of GDP or employment significantly. Instead construction and informal services have been the main job creators.

At the macroeconomic level, the connection between growth and good jobs continues to be weak. Since the 1990s, year-on-year non-farm GDP growth and nonfarm employment growth have been uncorrelated with each other, suggesting that policies promoting faster growth need not promote faster job creation.

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Views expressed above are the author’s own.



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