5/2/2016 Steady economic growth fails to revive job market: Report : PTI feed, News  India Today

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Mumbai, May 1 (PTI) Notwithstanding the Indian economys steady growth, sectors such astelecom, engineering and electronics have witnessed a decline in employment rate over thelast four years, says a report.

"The economic growth witnessed at the macro-level has not translated into more jobs

Steady economic growth fails to revivejob market: ReportPTI

May 1, 2016 | UPDATED 13:05 IST

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5/2/2016 Steady economic growth fails to revive job market: Report : PTI feed, News  India Today

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creation," according to Care Ratings report on Employment in the Corporate Sector.

The industries that witnessed decline in employment growth were telecom, engineering,electronics, packaging and cables, it added.

Care Ratings said the economic growth performance has been impressive but theemployment curve has not kept pace with the same.

The report analysed employment data across various sectors as well as industries and isbased on a sample of 1,072 companies across various sectors.

Care Ratings opined that jobs need to be created not just to sustain the issue ofemployment but also add to consumer demand, which has been lagging in the last threeyears and has to be reversed.

Negative growth under the manufacturing segment was witnessed in electronics (4.5 percent), engineering (6.6 per cent) and telecommunication (7.9 per cent).

Other sectors that saw a negative growth in FY2014-15 were non?䋼䋀nancial services (17.4per cent), construction (17.1 per cent) and mining (3.8 per cent), the report added.

"Manufacturing in particular has not done too well, while services performed better. Thepreference for services even for the pool of employable people can distort the demand-supply equation when manufacturing is back on track," it said.

The report revealed that manufacturing had the highest share in employment accounting formore than 40 per cent of jobs creation, followed by banking (23 per cent) and informationtechnology (18.4 per cent), the report said.

This means that the future of job creation would largely be dependent on the growth in themanufacturing sector and the low growth in the last 3 years is a cause for concern, it said.

Financial and other non?䋼䋀nancial services together account for 5.

2 per cent share in total employment.

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The highest growth rate in jobs were in forgings, consumer foods, IT, breweries andpharmaceuticals. Meanwhile, in 2014-15, IT, banking and 䋼䋀nancial services were the onlysectors to witness positive growth. PTI SM NRB MKJ ABM

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# Care Ratings # cent # 䋼䋀nancial services # economys steady growth # /p #economic growth # Care Ratings report # economic growth performance # PTI SMNRB # jobs creation

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