Demonetisation anniversary: New numbers are in, 1.5 million jobs lost in January-April this year

Demonetisation anniversary: According to CMIE data, the estimated total employment during January-April 2017 was 405 million compared to 406.5 million during the preceding four months, September-December 2016.

Written by Aanchal Magazine , Sunny Verma | New Delhi | Updated: November 8, 2017 8:08 am
jobs, india jobs, demonetisation, demonetisation anniversary, narendra modi, pm modi, modi note ban, job loss, job loss post demonetisatin, indian companies, jobs in india, job loss to demonetisation, job fair, employment, employment exchanges Demonetisation anniversary: This lack of job opportunities is mirrored in the data sets for the government’s flagship skilling scheme, the Pradhan Mantri Kaushal Vikas Yojana (PMKVY).

Alongside the problem of bad loans, the issue of job creation remains the biggest challenge for the government as it takes stock of 12 months since demonetisation, with varied data sets pointing to the continuing lack of employment opportunities for India’s rising workforce.

Fresh data from the Centre for Monitoring Indian Economy (CMIE) estimate that about 1.5 million jobs were lost during January-April 2017, even as employment figures of leading listed companies show that a majority of them have seen a net decline in their employment numbers in 2016-17 as against that in previous years.

While the foremost challenge in assessing the unemployment problem is lack of comprehensive data, the quarterly Labour Bureau employment survey also reflect a sharp decline in jobs after the government banned old notes of Rs 500 and Rs 1,000 on November 8 last year.

According to CMIE data, the estimated total employment during January-April 2017 was 405 million compared to 406.5 million during the preceding four months, September-December 2016. The CMIE data, based on all-India household surveys over a sample size of 161,167 households that included 519,285 adults, also estimated that while the number of persons employed fell by 1.5 million during January-April 2017 period, the number of people who declared themselves unemployed fell much more — by 9.6 million.

This lack of job opportunities is mirrored in the data sets for the government’s flagship skilling scheme, the Pradhan Mantri Kaushal Vikas Yojana (PMKVY). Data for the PMKVY scheme until the first week of July 2017 has revealed that of the total 30.67 lakh candidates who had been trained or were undergoing training across the country, less than a tenth — 2.9 lakh candidates — had received placement offers, according to official data with the Ministry of Skill Development & Entrepreneurship.

Employment figures of leading listed companies, examined by The Indian Express, show that a majority of them have seen a net decline in their employment numbers in 2016-17 over that in previous years. Job data for 121 companies — excluding IT and financial services sector — that are part of BSE 500, and for whom numbers were available for last three years, show a net aggregate decline in headcount for the second consecutive year.

For the set of 107 companies, there has been a net decline of 14,668 employees. While the employee numbers stood at 684,452 at the end of March 2015, it came down to 677,296 at the end of March 2016 and then to 669,784 at the end of March 2017. Some of the large companies that witnessed notable decline in their employee numbers were L&T (1,888), Hindustan Unilever (1,453), Idea Cellular (707), ACC (535), Tata Motors (534), Tata Steel (450), Hindalco (439) and Titan Industries (422) among others.

Several companies in sectors such as pharmaceutical and automobile, however, bucked the trend and saw a net addition to their employee numbers during the year. The biggest addition was seen in Abbott India that added a net of 3,127 employees during the year followed by Sun Pharmaceuticals, which added 2,769 employees. Vedanta added 2,489 employees during the year. In line with the rise in sales of cars and other automobiles, five leading automobile players Ashok Leyland, Maruti Suzuki India, Hero MotoCorp, Eicher Motors and Mahindra & Mahindra added a net of 3,142 employees during the year.

As per the latest available Labour Bureau’s Quarterly Employment Survey for October-December last year, as many as 1.52 lakh casual and 46,000 part-time jobs were lost in eight key sectors of the economy, despite an overall addition of 1.22 lakh workers during the quarter.

The overall addition in jobs in eight key sectors — Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation & Restaurants and IT/ BPO — was recorded at 32,000 jobs in July-September 2016 and 77,000 jobs in April-June 2016. Fresh data for the subsequent quarters have not been released by the Labour Bureau.

The Quarterly Employment Survey for October-December 2016, which included the demonetisation period, showed that the maximum decrease of casual jobs was in the manufacturing sector (1.13 lakh), followed by IT/BPO sector (20,000). The loss of part-time work was also highest in manufacturing. Overall, however, there were positive changes in manufacturing (83,000), trade (7,000), transport (1,000), IT/BPO sector (12,000), education (18,000) and health (2,000), according to the survey.

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  1. a
    amit_pra_in
    Nov 9, 2017 at 6:04 am
    People are not complaining. The unorganised sector labour got job daily in exchanging old currency notes to new one by standing in lines outside banks ATMs. This may be the reason why majority of the currency is back in banking system , people get employment in exchanging notes rather than in productive work. So GDP takes a hit industrial output takes a hit but no body complaining except politicians.
    (0)(9)
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    1. K
      Kaipulla
      Nov 8, 2017 at 9:29 pm
      The day when NaMo becomes DeMon , All Black becomes white , India thrown out from list of developing economies , GDP dropped down to 5.7 pct putting china to overtake india , Terrorism not affected , Cashless txns never happened , small Note size have put overheads to banks in building new ATM thereby burdened people , high denomination 2K notes helped banyas to keep black money in higher denomination notes saving space, Black money is allowed to get deposited on gold by reducing the GST to 3 pct and no restriction to show PAN / Aadhar for higher txns. No Black money was seized not even 0.1 pct ., Not able to conduct marriages , nor able to pay for an operation , millions los job , many small scale businesses closed , there is no considerable pct increase in tax payers compared to previous yrs , More than all this the liars never felt guilt on this move to admit and apologize public (who lost their lives) on their tuglak move. Certainly storic Black Day for India to be remembered!
      (12)(0)
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      1. G
        Gyanesh
        Nov 8, 2017 at 8:02 pm
        How many of them are directors and employees of s companies.
        (3)(4)
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        1. D
          d
          Nov 8, 2017 at 4:52 pm
          Here Bjp and Congress fighting with each other and there katwaas silently converting Hindu girls to Islam and increasing their ppulation. Hindus never learned from mistakes.
          (16)(37)
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          1. A
            Abbiya
            Nov 8, 2017 at 6:48 pm
            Mr D you is your il legal katwaa fa ther.this are one katwaa or number of katwaas ?
            (4)(9)
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            1. A
              Antony
              Nov 8, 2017 at 8:02 pm
              Mr abbiya terrorist. Y dnt u drown urself
              (8)(1)
              1. A
                ahmed
                Nov 9, 2017 at 11:36 pm
                Hindu girls convert because 1) They get utmost respect in Islam, 2) Right to own property, 3) Social equality and justice and 4) Overall true love and feeling of neatness away from blind beliefs and useless rituals.
                (0)(1)
              2. C
                chit
                Nov 8, 2017 at 8:14 pm
                Bharat Mata Ki Jai,,,
                (4)(1)
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                1. A
                  ahmed
                  Nov 9, 2017 at 11:35 pm
                  Hindu girls convert because 1) They get utmost respect in Islam, 2) Right to own property, 3) Social equality and justice and 4) Overall true love and feeling of neatness away from blind beliefs and useless rituals.
                  (0)(0)
                  Reply
                  1. S
                    sonu
                    Nov 10, 2017 at 6:51 pm
                    when we will leave this casteism and dividing people in name of religion
                    (0)(0)
                    Reply
                  2. ഷാജു കെ.ആർ
                    Nov 8, 2017 at 4:05 pm
                    The number of up and down pullers on comments in IE are funny and move like cattle's.Seems paid up or ruined by blindness.
                    (4)(10)
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                    1. A
                      Antony
                      Nov 8, 2017 at 8:03 pm
                      Completely fudged by IE. High number of bots
                      (7)(2)
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