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Fate of employment during financial crises-a case study of indian industry

Author: 
Dr. M. Venkata Rao and Dr. K. Kanaka Raju
Subject Area: 
Social Sciences and Humanities
Abstract: 

The main objectives of this paper is to examine the theoretical approaches of employment position during the financial crises period and also identify the employment position in different sectors of the industry in India. This paper also highlights the different schemes which are contributed by the Government of India along with the suitable suggestions to overcome the future constraints by the economic slowdown on employment. The data collected from the midterm appraisal of the eleventh five year plan with the title of the estimated job loss/gain (in lakhs) during three years of various industries or groups along with the plan of provisions of the various schemes. The SPSS 16.0 Version was used to derive the results. The paired sample correlation technique was applied to derive the results. The study found that the higher number of jobs lost in the textile industry during the financial crises period. The study also found that there was a significant difference between each other regarding various schemes which were implemented by the Government of India. The study also found that there was no significant association from job loss of one sector of industry and job loss of another sector of industry. It is suggested that there should be a formulation of skill development strategies and coordinated action by all concerned to meet the various challenges of skill development to meet the future uncertainty economic slow down. There should be a strategy regarding reducing mismatch between supply and demand of skills, diversifying skill development programmes, ensuring quality and relevance of training ,create an effective linkages between school education and skill development, provide a mobility between education and training, promote a Public Private Partnership model(PPP Model) in skill development, strengthening the physical and intellectual resources, mobilizing investments. The governance of a skill development system that promotes initiative, excellence, innovation, autonomy and participation.

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