SBI which absorbs a huge size of workforce entering the job market said India will create less of jobs, less by as much as 1.6 million across low paying industries as well as among government jobs. Also, as per Soumya Kanti Ghosh, CEA for SBI in her report on Monday said people have been seen sending less of money home to some of the poorest estimates.
Further in accordance with the data available there are indications which suggest that tax revenue collection as well as consumption in the country will remain weak for a comparably longer period of time.
As per the recent estimates, the country is slated to witness 5% growth for FY 2019-20 better than the SBI forecast of 4.6%, nonetheless, unemployment levels at its highest in 45 years as well as a decade's lowest slowing economic growth add to the woes of the government amid student led protests.
Also, the country's former chief statistician Pronab Sen last week said that there is at the same time decline in informal jobs. And this is what is owned to the demonetization which interrupted with the country's vast cash-based economy.