Abstract
Indian economy was opened up in 1991 to boost productivity and augment job opportunities while resolving the balance of payment crisis. However, contrary to widespread expectations of the economists and policy makers, liberalization, privatization and globalization resulted in dismal job growth during the initial years and the negative trend continues even today. It is paradoxical but true that India’s GDP growth rate is highest in the world at present while job growth rate is slowest globally. The first decade of 21st century has been characterized by remarkably lower average employment elasticity in India (0.2) i.e. less than the global average (0.3). By 2009-10, the average employment elasticity touched the lowest ebb –0.1 which implied onset of the jobless growth. For last ten years the government as well as the economists and policy makers have been grappling with the issue and trying to figure out how to reverse the trend and intensify job creation across India. This article examines the reasons behind the jobless growth and how those factors can be addressed to unleash job creation in a big way.
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