Agriculture jobs near us in India are also being squeezed, with India’s biggest employers cutting jobs and increasing prices, according to the World Bank.
A recent report by the Indian government’s Department of Economic and Planning said rural and urban India lost 2.8 million jobs in 2016-17, and this was the first year in which the rural jobless rate had been below the national average.
In an article for Business Standard, Prashant Kaur, senior economist at the World Economic Forum, said the impact of the demonetisation and other policies on the agriculture sector was “very bad”, adding that this is not the first time India has experienced such a problem.
Kaur pointed out that there was a sharp decline in the number of farms, which in turn led to an increase in the demand for land for farming, which led to a sharp rise in the price of land.
India’s agricultural sector accounts for nearly 80% of the country’s GDP, and the rural and agri-food sectors account for roughly 75% of agricultural employment.
This article was originally published by Business Standard.
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