Economic Survey 2018: Good news for job seekers
India economic survey 2018: The Economic Survey 2017-18, which was released in Parliament ahead of the Union Budget 2018 to be presented by Finance Minister Arun Jaitley on February 1 has some good news for jobseekers and says that job creation will remain a key focus area for the government in the near term.
The economic survey said that employment, i.e, finding good jobs for the young and burgeoning workforce; especially for women; education, i.e; creating an educated and healthy labor force and agriculture, i.e; raising farm productivity while strengthening agricultural resilience will remain the three areas of policy focus in the near term. Further, the economic survey notes that as India emerges as one of the world’s largest economies, it needs to gradually move from being a net consumer of knowledge to becoming a net producer.
“Given the dizzying pace and expansion of scientific research and knowledge on the one hand and a generally higher importance given to careers in engineering, medicine, management and government jobs amongst India’s youth on the other, India needs to rekindle the excitement and purpose that would attract more young people to scientific enterprise,” said the survey.
The survey says that the government must look to invest in science. “Investing in science is also fundamental to India’s security: the human security of its populations; the resilience needed to address the multiple uncertainties stemming from climate change; and the national security challenges stemming from new emerging threats, ranging from cyberwarfare to autonomous military systems such as drones,” noted the economic survey.
The economic survey also found that India is expected to regain the world’s fastest growing major economy tag as it is likely to clock 7 to 7.5 percent growth rate in 2018-19, up from 6.75 percent in the current fiscal, the survey said.
A recent study by SBI group Chief Economic Advisor Soumya Kanti Ghosh and Pulak Ghosh found that 15 million people are being added to the labour force every year. The study, titled “Towards a Payroll Reporting in India”, estimated that 3.68 million jobs were generated till November of FY18, which would imply 5.5 million in the entire year. “Based on all estimates, payroll of 5.9 lakh (i.e. 7 million annual) generated every month in India in current fiscal,” the report had said.
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