An Empirical Study on Jobless Growth as a New Phenomenon of Developing Economy like India

Abstract

One of the economic conditions known as ‘Jobless Growth’ occurs when the economy as a whole expands but does not increase the number of employment opportunities. In recent years, the Indian economy has found itself in a dire scenario where, despite increased economic expansion, employment growth has deteriorated. Economic analysis, reveals that while India's GDP growth rate significantly accelerated during recent years but, the employment growth rate remained flat. This clearly highlights the risks of a structural shift in employment in the upcoming years, which, if it occurs, would be a significant issue for the Indian economy. The objective of the current study is to assess the effects of rising unemployment on the Indian economy. The study aims to inquire and determine the impact of rising unemployment on India's unemployment, poverty, and inequality rates. Rising unemployment has been predicted from exceptionally low employment rates.