It is high time we tracked job losses in the country alongside the routine study of job growth. The government may disagree, for the country’s job scene looks truly dismal, if not alarming. This is partly because of the dwindling economic growth and recessionary pressure on a number of industries.
Industrial shake up, corporate mismanagement by short-sighted entrepreneurs and new technologies such as artificial intelligence, machine learning also contribute significantly to job losses. The global economic slowdown too is badly impacting the import-dependent Indian market with more foreign countries trying to push their India sales while Indian exports keep shrinking.
Imports adversely affect the local labour market. Falling exports contract it further. Companies in the sectors such as telecom, steel and non-ferrous metals, mining and quarrying, cement, engineering and transport, electronics and software, automobile, brown and white goods and banking among others, are chucking jobs. The so-called ‘voluntarily retirement’ in industry and banking is practically involuntary as surplus employees have little option.