What can this be called? Simply good news or an achievement of last few years! But it is indeed a relief for the pundits who have to struggle day in and day out against the notion of "jobless growth". It has been published by the Organization for Economic Cooperation and Development (OECD), an organization of acclaimed rich countries, through an extensive study that India has been generating more jobs that any other country of repute, like Brazil, Russia, China.
According to the recently published Economic Outlook 2007 of OCED, it has come to the fore that there had been generation of 11.3 million net new jobs annually between 2000 and 2005, projecting 60% more than the 7 million new jobs created in China every year. In addition, when compared with Brazil, an acclaimed potential giant the statistics is even more inspiring. There has been the creation of 2.7 million new jobs annually over the five-year period while Russia has witnessed the introduction of 700,000 new jobs on each and every year. This proves that India on her won has been able to generate half of the jobs in the BRIC nations, which is a specimen of better performance than any of the OECD countries growing at a much slower pace. Again, the 22 million jobs created on every year in BRIC countries amounts to over 45% of the global labor supply and account for a quarter of the world's GDP. It implies that faster economic growth is synonymous to employment gains, more than five times faster that the 3.7 million new jobs created in the 30 developed countries that are members of OECD.
However, it should also be noted that the report projected that 50.5% the employment to population ratio in India was the poorest, when compared with no less than 66% in the other BRIC countries. But it was also proclaimed that 94% of the work force in India was employed in the informal sector, which was much higher than the other three BRIC countries.
According to the recently published Economic Outlook 2007 of OCED, it has come to the fore that there had been generation of 11.3 million net new jobs annually between 2000 and 2005, projecting 60% more than the 7 million new jobs created in China every year. In addition, when compared with Brazil, an acclaimed potential giant the statistics is even more inspiring. There has been the creation of 2.7 million new jobs annually over the five-year period while Russia has witnessed the introduction of 700,000 new jobs on each and every year. This proves that India on her won has been able to generate half of the jobs in the BRIC nations, which is a specimen of better performance than any of the OECD countries growing at a much slower pace. Again, the 22 million jobs created on every year in BRIC countries amounts to over 45% of the global labor supply and account for a quarter of the world's GDP. It implies that faster economic growth is synonymous to employment gains, more than five times faster that the 3.7 million new jobs created in the 30 developed countries that are members of OECD.
However, it should also be noted that the report projected that 50.5% the employment to population ratio in India was the poorest, when compared with no less than 66% in the other BRIC countries. But it was also proclaimed that 94% of the work force in India was employed in the informal sector, which was much higher than the other three BRIC countries.
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