(BSE) chief executive officer and managing director Ashish Chauhan on Monday said that unemployment rate of nearly 6% was not high for India. Speaking at an orientation programme of University Business School (UBS) at Panjab University, Chauhan said India can withstand a much higher unemployment rate.
“At 4% unemployment rate, an economy is considered to have full employment as the value is almost insignificant. So, much so, that a further drop in the unemployment rate can cause inflation, as the spending power of the nation increases. When media houses publish stories of unemployment in India, they do not show us what is happening in the rest of the world or how much our own country can handle,” he said.
Addressing the fresh batch of management students, Chauhan advised them to never miss participating in the technology wave in the country. “Only a society that is frightened by new things worries about losing jobs. One needs to understand that whenever a new technology comes, it takes away some jobs but creates a new type of employment that is often higher and better than before,” he said.
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“When we introduced screen-based trading at the National Stock Exchange, I used to get death threats from brokers who were worried about losing jobs and commission. They did lose that, but the more transparent form of trading employed so many more people as they started investing and advising,” he added.
Source: Times of India
