India’s employment crisis: Jobless growth, threat of automation, and impact of climate change on productivity
India is having two important issues to deal in much unique manner those are:- Unemployment and underemployment. Our beloved nation has always been a primarily agrarian, labour-surplus economy with low capital stock that has manifested in low industrial productivity and a largely non-remunerative, monsoon-dependent agricultural sector. Key criterion for quantifying the health of employment and job market are the labour force participation rate (LFPR) and the unemployment rate. LFPR is the fraction of the country’s working-age population that is either working or seeking work. It depicts approximate the size of the potential labour force or the aggregate labour supply. On the other end, the unemployment rate or the “open” unemployment rate is the proportion of individuals who are seeking work but are not employed. However these parameters are not the absolute indicators of unemployment or under employment but yes provides tentative or rough data that itself gives us a more op...