Have you ever heard of "jobless growth"? Forbes thinks that this is serious problem for India. India's continuous economic growth has impressed everyone including Forbes. However, Forbes thinks that "jobless growth" is not a sweet thing. I am quoting from a report:
"India also faces a risk of "jobless growth" if the economy can't grow fast enough to generate new jobs for a labor force that is both getting more productive and growing in size by 4% a year. In that regard, it is energy and manufacturing industries that will have to be the engines of job growth, as IT services companies are just too small."
Jobless growth indicates to that situation in which a country's economy is growing fast but employment is not. India has this problem now. Thanks to huge success in outsourcing, Indian IT companies are now making news headlines on a daily basis. However, in a country of 1.1 billion people only over 1 million people are employed in the technology industry.
Indian government should take this matter very seriously. Because of continuous high economic growth, some people are becoming super rich in India these days. They can easily afford the rising price of commodities. Rising oil price does not touch them too. However, most people in the country are still extremely poor. Jobless growth does not attract them anyway. Instead, it will increase the possibility of social anarchy.
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