Slow But Continuous Improvement In Rate Of Industrial Jobs Growth Between 2013-2018, Shows New Report

Even as public discourse over the state of the Indian economy has turned pessimistic in the last few months, recently released jobs data by the Annual Survey of Industries (ASI) for the fiscal year ending March 2018 shows that the creation of new industrial jobs reached a five-year high in the said time period, reports Livemint.

Jobs for workers grew by 4.8 per cent, while those for managerial positions grew by 4.5 per cent on an annual basis. Although the report does not suggest that there has been a ‘boom’ in job creation in the industrial sector, it does show that there has been a slow but continuous improvement in the rate of increase since 2013.

A much faster rate of growth was seen between 2004-2008, when annualised growth of industrial jobs was around 8 per cent.

The Global Financial Crisis of 2007-2008, which saw major industralised economies plunge into recession, including the US and several countries in Western Euope, can be said to have played a major role in ending this boom period of job creation for the industrial sector in India.