When I first read of the 500,000 number, the question that sprung to me was, who and how did we arrive at this number. When countries like US & Canada announce their numbers, they have data on hand like unemployment claims to back those numbers. What metrics does India have to arrive at that number. And now that we have arrived at a number based on the tools and inputs in place, how accurate could that be? To me, it conceals more than it reveals. Browsing through Business Standard today, I found some validation and more questions.
Citi further said that the Ministry of Labour has indicated that over 5,00,000 jobs were lost during October-December 2008, with export-oriented sectors such as gems and jewellery, autos, and textiles being most impacted.
However, the report stated that this statistic only covers the organised sector, which comprises just 10 per cent of the country's workforce of close to 385 million.
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