The rate of creation of new jobs in the more technologically sophisticated economy was much slower than before, leading to the phenomenon of jobless growth. The current problems of the Indian economy have been aggravated by the government’s refusal to accept the clear body of evidence suggesting an economic slowdown. Hence the government does not seem bothered to tackle the challenges of declining growth, rising inflation, and growing unemployment. While economic growth and inflation can still be addressed by corrective policies, unemployment is a more long-term difficulty that cannot be sorted out by appropriate macroeconomic policies alone. Unemployment is […]
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