INTRODUCTION OF UNIVERSAL EMPLOYMENT GUARANTEE SCHEME IS NEED OF THE HOUR
ONLY THREE PER CENT OF GDP IS NEEDED TO MEET FINANCIAL COSTS OF THE PROGRAMME
2024-01-25 11:42
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The unemployment situation is worse today than it has ever been in post-independence India. There are two distinct elements that have contributed to this situation. One is the fact that the output recovery from the fall caused by the pandemic-linked lockdown has not been accompanied by a comparable employment recovery. In fact, even though the gross domestic product in 2023-24 is estimated to be larger than in 2019-20 by about 18 per cent, employment has shown zero growth over the last five years according to the Centre for Monitoring the Indian Economy. This fall in the employment-intensity of GDP is because the recovery in output has been much less pronounced in the small and medium scale enterprises than in large-scale ones and the former are much more employment-intensive than the latter.