Overall job growth rate slips to 3.5% in FY 2020, 50.02 lakh people got jobs – CARE Ratings Report

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Overall job growth rate slips to 3.5% in FY 2020, 50.02 lakh people got jobs - CARE Ratings Report
Overall job growth rate slips to 3.5% in FY 2020, 50.02 lakh people got jobs - CARE Ratings Report

Overall job growth rate slips to 3.5% in FY 2020, 50.02 lakh people got jobs – CARE Ratings Report. As per the CARE (Credit Analysis and Research Limited) Ratings Report, the employment growth rate has declined to 3.5% in the Financial Year 2020 from 3.8% in the previous fiscal year. Meanwhile the total number of jobs increased to 50.02 lakh from 48.32 lakh, says a report.

  • In FY20, 1.70 lakh new jobs were added, while the net addition was 1.76 lakh in FY19, shows a CARE Ratings report.
  • But in FY20, as many as 321 companies reduced their headcounts by 1.13 lakh compared to 272 companies doing so by 1.18 lakh in the previous year.

Sector Wise Employment:

The IT sector topped it with 23 per cent. After this, the banking sector was second with 22 percent, auto third with 9 percent and finance sector with 7 percent. The textile sector, which was once involved in the highest number of jobs, stood at fifth position with a share of 2.4 per cent.

About CARE Ratings:

CARE Ratings Limited, formerly Credit Analysis and Research Limited, is a credit rating agency. The Company is engaged in providing financial services other than securities dealing activities. The Company’s segments include Ratings and related services, and Others.

Expected Questions:

1) As per ILO-ADB report how many lakh youth lose jobs in India due to COVID-19 pandemic? -41 lakh youth

2) World Employment and Social Outlook: Trends 2020 (WESO) report is released by which organization? – International Labour Organisation

3) Headquarters of ILO located at – Headquarters: Geneva, Switzerland

4) Who is the Minister of State for Ministry of Labour and Employment? – Santosh Kumar Gangwar

5) Global Economic Prospect downgraded its projection of growth of India by what percent? – 9%

6) Ratings agency Moody’s Investors Service downgraded India’s sovereign ratings from Baa2 to which grade? – Baa3

7) Recently, Fitch revised GDP forecast from -5% to which percent?  -10.5%

< < Read More Static GK Article 2020 > >

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