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Jobs down 3.6%, wages up 11.1% in 2012-13: Study

Jobs down 3.6%, wages up 11.1% in 2012-13: Study
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The number of jobs in different industries decreased by 3.6 per cent whereas wages increased by 11.1 per cent in real terms in 2012-13, says a...

New Delhi: The number of jobs in different industries decreased by 3.6 per cent whereas wages increased by 11.1 per cent in real terms in 2012-13, says a government survey. The total number of persons engaged in different industries declined to 1.29 crore in 2012-13 from 1.34 crore in the previous fiscal, Annual Survey of Industries has revealed. The jobs had increased by 5.8 per cent in 2011-12 from 1.26 crore in the previous fiscal.

According to the survey, total wages provided to factory workers rose by 11.1 per cent in 2012-13 to Rs 1.10 lakh crore from Rs 99,855.79 crore in 2011-12. The total wage bill had jumped by 16.6 per cent in 2011-12 from Rs 85,645 crore in 2010-11.The gross capital formation – an indicator of investments – increased by 9.31 per cent to Rs 4.44 lakh crore in 2012-13 from 4.7 lakh crore in the previous fiscal.

However, it had come down in 2011-12 by 8.72 per cent from Rs 4.45 lakh crore in the previous fiscal. Gross Fixed Capital Formation, another measure to gauge level of fresh investments, increased by 3.62 per cent to Rs 3.56 lakh crore in 2012-13, from Rs 3.43 lakh crore in the previous fiscal. During 2011-12 it had grown at 21.21 per cent from Rs 2.83 lakh crore. The profitability of factories declined by 4.72 per cent to Rs 4.3 lakh crore in 2012-13 from Rs 4.51 crore in the previous fiscal. During 2011-12, the profitability has increased by 15.75 per cent from Rs 3.9 lakh crore in 2010-11.

The net value added or output, which does not include input and depreciation, grew at 2.8 per cent to Rs 8.6 lakh crore in the year under review, from Rs 8.36 lakh crore in the previous fiscal. However the net value had grown by 18.75 per cent in 2011-12 from Rs 7.4 lakh crore in 2010-11. Indian economy had grown at decade low rate of 4.5 per cent in 2012-13. The economic growth in 2013-14 was 4.7 per cent.

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