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Give jobs data faster every quarter: Finance ministry to statistics ministry

(This story initially appeared in blank on Aug 02, 2021)

The finance ministry has requested the statistics ministry to place in place a quarterly employment data mechanism, which ought to be launched with a month’s lag to assist in policymaking.

The shortage of well timed jobs information is a stumbling block to data-driven coverage formulation. “A well timed employment information is a vital lacking hyperlink,” a supply aware of the deliberations advised TOI. The problems have been taken up by the finance ministry’s financial division with the ministry of statistics as a part of efforts to fill a significant hole that at present exists.

At current, the quarterly jobs information comes with a lag of round 45 days underneath the periodic labour force surveys (PLFS). The PLFS was began in 2017 to provide a greater image of the employment state of affairs. However this too is now discovered to be insufficient because the time lag creates roadblocks. Sources pointed to the latest launch of the annual PLFS for 2019-20. “How are you going to make insurance policies based mostly on information which is one-year previous?” mentioned a supply.

The pandemic has put the highlight on jobs and authorities are scrambling for real-time information to evaluate the scenario on the bottom. Personal surveys carried out have proven that the unemployment scenario had reached file highs through the pandemic.

The Centre for Monitoring Indian Economy (CMIE), a personal financial information supplier, has mentioned that the financial restoration from the pandemic will be unable to get the nation’s GDP the place it was earlier than the shock even by the top of March 2022.

“The loss from the place the sooner progress trajectory might have taken India has additionally widened in comparison with earlier expectations. The labour participation price stays 2.7 proportion factors decrease than its pre-Covid ranges. The employment price stays 3.3 proportion factors decrease than the pre-Covid ranges,” CMIE MD & CEO Mahesh Vyas mentioned in a latest notice. The federal government is assured that progress can be strong in 2021-22, which ought to result in enchancment within the jobs house.

A panel headed by the previous NITI Aayog vice-chairman Arvind Panagariya had submitted a report, calling for arevamp of the nation’s jobs information and had backed well timed launch of such numbers to assist policymaking. Whereas the finance ministry is in search of that the mechanism be put in place instantly, the statistics ministry has been gradual to answer the problem, with a piece elevating a number of points.

The federal government additionally makes use of the payroll information of EPFO and others. However, specialists have for lengthy argued for well timed and credible jobs information to get a greater image of the roles scenario within the economic system and devising insurance policies to create employment and improve girls labour power participation.

https://economictimes.indiatimes.com/information/economic system/coverage/give-jobs-data-faster-every-quarter-finance-ministry-to-statistics-ministry/articleshow/84965197.cms | Give jobs information quicker each quarter: Finance ministry to statistics ministry

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