Where are the jobs?
The BJP government, which came to power on the promise of creating 20 million jobs per year, has not yet recognized the gravity of the situation
The Central Statistical Office (CSO) has released the full-year growth estimates for 2016-17. These had been much awaited given the uncertainty over the impact of demonetization. These were on expected lines, with fourth quarter growth in gross value added (GVA) in 2016-17 declining to 5.6% from 8.7% in the year-ago period. The overall growth rate of GVA declined from 7.9% in 2015-16 to 6.6% in 2016-17. But the numbers also suggest that the slowdown was only partly a result of demonetization, with deceleration in the growth rate setting in much earlier. In fact, the growth rate of GVA is the lowest after the Narendra Modi government took over in May 2014.
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