The rapid service-led growth experience over the last decade has led credence to the belief that not only has India leapfrogged the phase of manufacturing-led development and set out its own idiosyncratic path of structural transformation, but also that the idea of manufacturing-led growth is obsolete. This could not be further from the truth The Labour Bureau’s last household survey (2015-16) reports India’s unemployment rate at 3.6% (by the Usual Principal Subsidiary Status definition), a figure lower than that of several advanced economies. So why are jobs such a hot button issue?
Dig a bit deeper and startling facts emerge. […]
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