Zee Media Bureau
New Delhi: Institute for Human Development (IHD) has said that India witnessed impressive GDP growth rate of over 6 percent since 1980, leading to important changes in employment conditions.
In its report—India Labour and Employment Report 2014— IHD has analysed changes in labour market and employment since initiation of economic reforms.
The report says that India has piped China in terms of adding the global labour force and in less than a decade will be the highest labour force.
The report further says that though India is among the most important emerging economies of the world, employment conditions still remain poor.
Labour force to population ratio low in India is 56 percent compared to rest of the world (64 percent).
The report adds that 92 percent of informal workers survive on low earnings without any social protection. The level of education and skill is extremely low.
Moreover, the increasing unemployment among educated youth is a major concern. The report says that 18 percent graduates are still unemployment and adds that failure to do address the concern of youth unemployment might spell a disaster.