Anecdotally, I know many economists working in India who complain about the estimates put out by the nation on unemployment numbers. It remains a serious issue going forth that the nation will need to tackle as much as it can. India is experiencing impressive economic growth but without addressing these structural weaknesses, we could very easily see that growth falter, something that should not be allowed to occur.
Samarium149 on
Correct me if I’m wrong but India has a massive informal labor market stemming from their stupid business regulations. If a business officially employs more than 6 or so people, it has oppressive regulations that make it impossible for a small business in a low standard of living economy can handle (or bribing inspectors gets too costly). So they just “dont” employ above the threshold.
It seems like the Indian government is counting the informal labor market as “employed” but it’s very unstable and very vulnerable to the boss exploiting their labor force in sweatshops because where else could they go.
Pontokyo on
India’s economy is doing a lot worse than most people realize
Lease_Tha_Apts on
It’s kinda weird that they took a poll of economists regarding India, and 3/5 quotes were from economists outside the country.
(Also the quote from the UMass Amherst, economist is hilarious)
4 Comments
Anecdotally, I know many economists working in India who complain about the estimates put out by the nation on unemployment numbers. It remains a serious issue going forth that the nation will need to tackle as much as it can. India is experiencing impressive economic growth but without addressing these structural weaknesses, we could very easily see that growth falter, something that should not be allowed to occur.
Correct me if I’m wrong but India has a massive informal labor market stemming from their stupid business regulations. If a business officially employs more than 6 or so people, it has oppressive regulations that make it impossible for a small business in a low standard of living economy can handle (or bribing inspectors gets too costly). So they just “dont” employ above the threshold.
It seems like the Indian government is counting the informal labor market as “employed” but it’s very unstable and very vulnerable to the boss exploiting their labor force in sweatshops because where else could they go.
India’s economy is doing a lot worse than most people realize
It’s kinda weird that they took a poll of economists regarding India, and 3/5 quotes were from economists outside the country.
(Also the quote from the UMass Amherst, economist is hilarious)