OECD Economic Outlook 2007 quotes India as the best in terms of employment creation among the BRIC countries
19 Jun 2007
India apparently has created around 11.3 Million net new jobs every year between 2000 and 2005, reports a study conducted by the OECD, a conglomeration of rich nations in the world.
The report quoted that the performance of India has been better as compared to China, which creates around 7 Million new jobs every year and also in comparison to the so-called BRIC (Brazil, Russia, India and China) countries considered to be the best performers. The performance seems quite impressive given the fact that when contrasted, the job creation is around 60% more than that of China. It is even more remarkable when contrasted with other BRIC nations. It has been reported that while Brazil generated around 2.7 Million new jobs annually over the period, Russia saw some 700,000 new jobs added every year. India, in fact, generated half the jobs in BRIC nations, a performance which must be way better than any of the OECD countries growing at a much slower pace. In fact BRIC created around 22 Million new jobs every year, which accounts for 45% of the global labour supply.
However, such statistical revelation is unable to conceal the underlying and persistent worries like growing unemployment, underemployment in rural areas, increased informalisation of the economy, low employment elasticity that has remained constant at around only 0.3 for these economies.
The report concludes by arguing for further rapid economic growth in these countries without really specifying the nature of the growth and the kind of employment creation that this rapid growth would generate.
