Correct option is D
The Correct Answer Is: (d) It is an economic phenomenon in which an economy experiences growth while maintaining or decreasing its level of employment.
Explanation:
Jobless Growth refers to a situation where an economy experiences economic growth (increase in GDP) but without a corresponding increase in employment opportunities. In some cases, employment levels may even decline despite economic expansion.
This occurs due to technological advancements, automation, capital-intensive industries, and structural shifts in the economy.
This phenomenon is particularly relevant to developing economies where industries focus on increasing productivity and efficiency but do not proportionally increase job opportunities.
Information Booster:
- Impact on Society: Leads to increased income inequality as growth benefits only certain sectors of the economy.
- Examples in India: During the 1990s and 2000s, India saw high GDP growth rates but low employment generation, especially in manufacturing and services.
- Global Examples: Countries like China and the USA have also faced jobless growth due to automation and structural shifts in employment.
- Policy Measures to Address It: Governments use skill development programs, MSME (Micro, Small & Medium Enterprises) support, and labor-intensive sector incentives to counter jobless growth.
- Relation to the Fourth Industrial Revolution: AI, robotics, and automation are leading to a further decline in traditional jobs, requiring workforce upskilling.
Additional Knowledge:
- Decreasing Level of Growth: Incorrect, as jobless growth refers to economic expansion without employment generation.
- Decreasing Level of Employment: Incorrect, since jobless growth does not necessarily mean employment is always decreasing.
- Low Level of Employment in a Relative Term: Incorrect, as jobless growth focuses on stagnant or declining employment despite GDP growth.
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