🎯India's growth is actually jobless growth?
Jobs come from the Primary sector, Secondary sector and Tertiary sector industries. Primary sector jobs consist of main agriculture and a little bit of mining in India. Core agriculture has already seen a significant reduction in jobs.
India’s services sector holds enormous significance for the Indian economy; dynamic and endowed with a unique and distinct universe of its own. India has grown rapidly, formally and informally, in the last decade with almost 71.4% of the growth in India’s GDP in 2014-15, coming solely from its services sector. The services sector has emerged to contribute majorly to national and states’ incomes, job creation and contribution to the economy. This is unlike other developing economies.
India's growth is actually jobless growth. Although, our economy did grow to some extent, the number of jobs has not grown to the same extent. The jobs which were created due to the economic, were irregalar [like, construction workers, etc who earn daily wage] These are not salaried jobs where people usually get contracts & have job security. In such conditions where most jobs are casual or daily jobs, families prefer running their own business as it gives them financial safety both for children & family,as well.
Dr. Alice Evans mentions that young college graduates prefer working for their family business as they can be sure of both job and income security.
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