Factors contributing to growth of self employment in India are i Government schemes and policie...........

Economic and Social Issues Human development

Recently there were renewed talks on Self-employment after the data reported by Periodic Labour Force Survey Report.As per ILO, Self-employed workers are those workers who, working on their own account or with one or a few partners or in cooperative, hold the type of jobs defined as a "self- employment jobs." and, in this capacity, have engaged, on a continuous basis, one or more persons to work for them as employee(s).Ministry of Statistics & Programme Implementation has launched a new regular employment-unemployment survey, namely, Periodic Labour Force Survey 2017-18 (PLFS) during April, 2017 with certain changes in survey methodology, data collection mechanism and sampling design the earlier quinquennial (once in every five years) Employment and Unemployment surveys of NSSO. The PLFS has been launched with an objective of measuring quarterly changes of various labour market statistical indicators in urban areas as well as generating annual estimates of these indicators both for rural and urban areas, which can be used for policy making.

Factors contributing to growth of self-employment in India are

i Government schemes and policies

ii Growth led by services industry

iii Underdeveloped macro-financial system in India

Select the correct answer using the code given below

i and ii only

ii and iii only

i and iii only

all of the above

none of these

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Explanation:

Factors contributing to growth of self-employment in India

•Government schemes and policies: The government has launched many schemes to incentivize and promote self-employment in India such as Pradhan Mantri Mudra Yojana (PMMY), Pradhan Mantri Rojgar Protsahan Yojana, Skill India Mission etc.

•Growth led by services industry: In the last decade, although the economy grew steadily, it was primarily led by services industry. This growth led to the creation of many highly skilled jobs. Without a parallel focus on improving skill-level across the workforce, those with low skills were left behind in the economic journey India was undertaking. It was this portion of the workforce which then turned towards self-employment.

•Underdeveloped macro-financial system in India: low returns on bank deposits, risk related to investments in stock market and real estate etc. force people to use their wealth for starting their own business.