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India needs to create more salaried jobs: World Bank

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Selling pakoras is also a job as per our PM ....Many are self employed but may not be salaried...Surprised to see the data of China...Will opening retail to MNC's open up more salaried jobs??

India needs to create more salaried jobs: World Bank

More salaried jobs a must if India is to join the global middle class by 2047, says World Bank

Last Published: Wed, Feb 14 2018
Asit Ranjan Mishra

Less than a fifth of the workers in India are in salaried jobs, says World Bank. Graphic: Mint

New Delhi: India needs to create regular, salaried jobs with growing earnings rather than self-employed ones in order to join the ranks of the global middle class by 2047—the centenary of its Independence, the World Bank said in a draft Systematic Country Diagnostic (SCD) for India.
The bank said in a society with wide inequalities, the most urgent priority is to create productive, regular jobs.
“The issue is not just the number of jobs but also the type of jobs. A transition into the middle class calls for the creation of salaried jobs, which is a rare privilege in India today where less than a fifth of workers are in salaried employment,” the World Bank said in a first-of-its-kind draft report published on its website, seeking comments from stakeholders.
India has been classed a lower-middle income country for a decade and aspires to move a step up in the global prosperity ladder.
Globally, low-income countries are those with real per capita GDP less than 5% of that in the US in purchasing power parity (PPP) terms; lower-middle income countries are those with 5-15% per capita incomes of that in the US; and upper-middle income countries are those with 15-35% per capita incomes of that in the US. High-income countries are those above that line, including some even above the US’ income level.
The Economic Survey 2017-18 said if per capita income in India grows at 6.5% per year, India will reach upper-middle income status by the mid-to-late 2020s.
India attained lower middle-income status in 2008 and today has a per capita income of $6,538 (in 2011 PPP terms), which is 12% of the US. In 1960, India was a low income country with a per capita income (in PPP terms) of $1,033. This was equivalent to about 6% of US per capita income at the time.
The SCD is an analytical exercise that the World Bank conducts in all countries.
It articulates, from the perspective of the World Bank Group, an analysis of the most important opportunities and challenges to achieving, in that country, the two goals the Group holds itself accountable for—eliminating extreme poverty and boosting shared prosperity.
The World Bank warned that with an increasing number of youths needing employment, the jobs deficit that India faces has the potential to turn the much-awaited demographic dividend into a demographic curse.
“A growth strategy that focuses on productivity-led economic growth and good jobs will ensure not only that growth is inclusive but that growth is sustainable,” it said.
Between 2005 and 2012, the Indian economy generated about 3 million new jobs per year, while an extra 13 million people entered the working age population each year. There is no recent credible jobs data as India conducts the comprehensive employment-unemployment surveys only once in five years. A recent claim in a State Bank of India report—based on data from the Employees’ Provident Fund Organisation (EPFO)—that the economy generated 7 million jobs last year, has been contested by many economists.
The World Bank said reforms in land and labour markets in India would pay high dividends and help unshackle Indian businesses. “Well-functioning land markets require clearly defined property rights, a reliable land registry, and predictable processes for investment and changes in land-use... Flexible labour markets that facilitate the reallocation of workers in response to market conditions are important for productivity and job growth,” it said.
The existing stringent labour regulations create a segmented labour market with a high level of protection for a very small fraction of workers in jobs and high barriers for the entry of other workers into the protected segment of the formal labour market, the bank said.
“Going forward, “grandfathering” current workers covered under existing laws and introducing easy mechanisms for firms to buy workers out of their old contracts are possible options,” it added.



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Why India's most educated women are leaving jobs faster than others

New Delhi/Gurugram: It was while working for a shopping website that Parul A Mittal, 43, discovered her calling as a writer. It was 2008. She had been working for 12 years, was at middle management level at her company and no reason to quit.

Except her younger daughter had just begun showing signs of a breathing problem, and Mittal was at that stage in her life where her husband was immersed in his job at a venture capital firm. "I used to feel mentally and physically exhausted all the time," she said.

It was at this time that Mittal wrote her first book, Heartbreaks & Dreams: The Girls@IIT.

With a degree in electrical engineering from Indian Institute of Technology, Delhi, and a Masters in Computer Science from the University of Michigan (Ann Arbor), Mittal had tried it all–part-time hours, freelancing, a sabbatical. For a while she even ran a parenting website, but shut it down in 2016 when it reached a point where 'you take funding and scale it' or close shop.

Still, she didn't give up on the tech sector until earlier this year with her last job at a travel portal in a 'pretty senior role' as the only woman vice president in the company. With it came not just the office politics but a requirement to commit herself to the job 24×7.

Even that might have been tolerable.

The deal-breaker, however, was the office culture where the other staff seemed happy to stay on till 8 pm and beyond. "For me, 6-8 pm is sacrosanct. It's pretty much the only time I get with my family," Mittal said.

So, although both her daughters were fine with her absence from home, although she had hired help with housework, although she had in-laws who pitched in, she put in her papers in February this year after completing 11 months with the company, ending a career spanning 20 years. "That job finally purged the desire in me to work in the corporate world," she said. Later this month, she will be launching her third book, Let's Have Coffee, published by Rupa.

Read more at: http://www.sify.com/finance/why-ind...than-others-news-corporate-scnr4Fecheigi.html
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