Relation to economic growth in respect of job growth

According to ILO summarise when economic growth comes 1% the job growth comes 0.3% in respect of the economic growth.

Now, India’s job growth reduces to 0.15% from the standard growth 0.3%. What a growth phenomena!

AI, robotics are snatching jobs and the ratio is 1:7. It means a machine is working 7 workforce’s task and interestingly all major companies are leaning to adapt machine instead of humans.

Citi bank’s Asia Pacific head has informed to the media that they will be feel pretty enough minimising their numbers of branch. Because he claimed that 96% of their customer’s operation is made online.

Average estimate of improving and upgradation of website/application of big company is approximately Rs.100 crore to Rs.150 crore. And they are expecting their business will grow leaps and bounds. So, why they will hire workforce?

Now, the alarming question, where these big number of workforce will go? How their lives will run?

There is no answer yet.

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