India’s GDP is likely to contract by over 10 per cent in the current financial year, and it may take the better part of three financial years before growth climbs back to the level achieved in the last financial year (2019-20).
The economy had begun to lose its growth momentum even before the pandemic hit. This had resulted in the absolute number of employed people shrinking between 2012 and 2018 — the first time in India’s history.
In 2017-18, official data pegged unemployment at a 45-year high. Since then, GDP growth has slowed further with every passing year. With the Covid-19 disruption, millions, especially those belonging to the middle class and with salaried jobs, have been pushed out of the workforce.
Which sectors of the economy are the worst affected in terms of jobs? What skills are losing value and which ones are likely to be more rewarded? What can be done to boost employment?
The Indian Express has invited Mahesh Vyas, MD and CEO of the Centre for Monitoring Indian Economy (CMIE) Private Ltd., to answer some of these critical questions.
Established in 1976, CMIE has the largest integrated database on the Indian economy, and closely tracks variables such as unemployment rate, financial performance of individual companies, the pattern of household incomes, expenditures and savings, as well as new investment projects.
Vyas is the Expert Guest at the latest edition of Explained.Live, the unique series of explanatory conversations that The Indian Express hosts from time to time. Expert Guests at Explained.Live sessions since the lockdown began have included IIT-Delhi Director Ramgopal Rao, Kerala’s Health Minister K K Shailaja, Public Health Foundation of India president Dr K Srinath Reddy, industrialist Dr Naushad Forbes, and capital markets expert Nilesh Shah.
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