<p id="thickbox_headline">India seems to be witnessing jobless growth in the past few years, as a new set of data shows that the employment level of India Inc has grown at half the rate of growth in national income and corporate revenues.</p>.<p>According to data put out by Care Ratings and analysed by DH, the employment in India’s corporate sector has grown by a compounded annual growth rate (CAGR) of 3.3% since March 2015 -- less than half of the GDP growth in the country and that of the turnover of India Inc.</p>.<p>Data compiled from annual reports of 1,893 companies reveals, corporate India employed 61.98 lakh people by the end of March 2019. At end of 2014-15, the same number stood at 54.33 lakh.</p>.<p>The GDP of India from March 2015 to March 2019 has grown by an annual CAGR of 7.6% growing to Rs 140.78 lakh crore from Rs 105.28 lakh crore.</p>.<p>The turnover, or the top line of India Inc, in the said period grew by 7.2%. The topline of 1,893 companies grew to Rs 84.09 lakh crore in 2018-19 from Rs 63.65 lakh crore at the end of FY15.</p>.<p>“Ideally, the rate of growth in employment should link with growth in GDP which is the broadest indicator of economic growth... Therefore, there is a case that supports the argument that employment growth has not been commensurate with GDP growth with a difference of 4.2% in CAGR during this period,” Care Ratings said in a statement on Tuesday.</p>.<p>What can be more worrying is the fact that employment in the core sector has constantly declined in the past four years.</p>.<p>At the end of FY19, 153 companies in the four core sectors (mining, iron and steel, crude oil and construction material) employed 7.06 lakh people, down 10% from 7.8 lakh at the end of FY15 -- a CAGR decline of 2.5% sustained over the past four years. In fact, in the last four years, the core sector has seen a decline in the employment level, primarily driven by a loss of employment in the mining sector.</p>.<p>The sector, which has been the biggest employer among the core sectors, has seen a dip of 13% in employment over the past five years and is currently providing livelihood to 3.01 lakh people.</p>.<p>In yet another alarming trend, of the 32 sectors that have been profiled in the study, 12 have seen a decline in the employment levels in the past five years.</p>.<p>However, the silver lining has been the services sector, which has seen growth in the employment levels by 20% to 30.63 lakh at the end of March 2019, primarily driven by the demand of talent in the financial services companies (other than banks).</p>
<p id="thickbox_headline">India seems to be witnessing jobless growth in the past few years, as a new set of data shows that the employment level of India Inc has grown at half the rate of growth in national income and corporate revenues.</p>.<p>According to data put out by Care Ratings and analysed by DH, the employment in India’s corporate sector has grown by a compounded annual growth rate (CAGR) of 3.3% since March 2015 -- less than half of the GDP growth in the country and that of the turnover of India Inc.</p>.<p>Data compiled from annual reports of 1,893 companies reveals, corporate India employed 61.98 lakh people by the end of March 2019. At end of 2014-15, the same number stood at 54.33 lakh.</p>.<p>The GDP of India from March 2015 to March 2019 has grown by an annual CAGR of 7.6% growing to Rs 140.78 lakh crore from Rs 105.28 lakh crore.</p>.<p>The turnover, or the top line of India Inc, in the said period grew by 7.2%. The topline of 1,893 companies grew to Rs 84.09 lakh crore in 2018-19 from Rs 63.65 lakh crore at the end of FY15.</p>.<p>“Ideally, the rate of growth in employment should link with growth in GDP which is the broadest indicator of economic growth... Therefore, there is a case that supports the argument that employment growth has not been commensurate with GDP growth with a difference of 4.2% in CAGR during this period,” Care Ratings said in a statement on Tuesday.</p>.<p>What can be more worrying is the fact that employment in the core sector has constantly declined in the past four years.</p>.<p>At the end of FY19, 153 companies in the four core sectors (mining, iron and steel, crude oil and construction material) employed 7.06 lakh people, down 10% from 7.8 lakh at the end of FY15 -- a CAGR decline of 2.5% sustained over the past four years. In fact, in the last four years, the core sector has seen a decline in the employment level, primarily driven by a loss of employment in the mining sector.</p>.<p>The sector, which has been the biggest employer among the core sectors, has seen a dip of 13% in employment over the past five years and is currently providing livelihood to 3.01 lakh people.</p>.<p>In yet another alarming trend, of the 32 sectors that have been profiled in the study, 12 have seen a decline in the employment levels in the past five years.</p>.<p>However, the silver lining has been the services sector, which has seen growth in the employment levels by 20% to 30.63 lakh at the end of March 2019, primarily driven by the demand of talent in the financial services companies (other than banks).</p>