Need to focus on employment generation

Abstract

It is the month of July and along with the dark clouds in Delhi, two important economic results have just been declared on July 12, 2013. First, the general industrial output index for May 2013 has declined 1.6% as compared to the earlier level in the month of May 2012. The index for mining, given the sectoral situation, is understandable but even the manufacturing sector has recorded a negative growth of 2% over the period. On the basis of user-based classification, capital goods suffered the largest setback of 2.7% followed by basic goods. Consumer durables have recorded the largest negative growth10.4%. Second, foreign exchange reserves held by RBI have declined to $280 billion on July 5, 2013, from $292 billion on May 24, 2013. This implies that there is net increase in supply of dollars by RBI in the market. In addition, trend in CAD, released less than a fortnight ago, at 4.8% of GDP for 2012-13 as compared with 4.2% in 2011-12, also does not augur well for the economy. Read more at: https://www.financialexpress.com/archive/need-to-focus-on-employment-generation/1143124/