Take steps or unemployment will increase, Kharge urges global leaders | business | Hindustan Times
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Take steps or unemployment will increase, Kharge urges global leaders

business Updated: Sep 27, 2011 20:49 IST

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Observing that the global job crisis is still persisting despite improvement in the financial situation, India on Tuesday suggested the global community take adequate steps to stop the problem from aggravating.

"Though world economy has improved from the financial crisis, yet the global job crisis is not over. The crisis could aggravate if adequate steps are not taken," labour and employment minister Mallikarjun Kharge said at the G-20 Labour Ministers' Conference in Paris.

His suggestion came even as a joint statement released at the meet cautioned that the job shortfall in G-20 countries could increase to 40 million by end of 2012, if the current low employment growth of 0.8 % were to persist over next year.

Kharge emphasised that employment should be at the heart of all growth strategies for a sustainable recovery from the recession. To buttress his assertion, he highlighted the success of India's public employment policies, stating that it not only maintained employment standards during recession but also succeeded in reducing unemployment from 8.3 % in 2004-05 to 6.6 % in 2009-10.

The joint statement said job creation has been "anaemic" in many G-20 countries and not enough to reabsorb the mass of unemployed and under-employed.

It said while 20 million jobs are still missing in the G-20 countries to regain the pre-crisis employment rate.

The statement noted that employment would have to grow at an annual rate of at least 1.3 % in order to return to the pre-crisis employment rate by 2015.