India's GDP growth masks underlying economic distress and low-quality jobs in several ways:
1. Aggregated data: GDP growth rates conceal disparities in income distribution, hiding the struggles of marginalized groups.
2. Quality of employment: Rising self-employment numbers often reflect necessity-driven entrepreneurship rather than opportunistic ventures.
3. Informal sector dominance: India's vast informal sector, comprising 58.4% self-employed workers, lacks social security, stable income, and benefits.
4. Low earnings: Self-employed workers' average earnings are significantly lower than regular workers', indicating financial insecurity.
5. Gender and regional disparities: Women, especially in rural areas, face limited job access, lower education, and social constraints.
6. Misleading metrics: GDP growth prioritizes economic expansion over employment quality, masking the prevalence of low-wage and precarious jobs.
To address these issues, policymakers must:
1. Implement comprehensive employment policies focusing on MSMEs, labor-intensive industries, and wage employment.
2. Enhance social security and benefits for informal sector workers.
3. Invest in education and skill development programs.
4. Promote entrepreneurship through targeted support and resources.
5. Monitor and address regional and gender-based disparities.
By acknowledging these challenges, India can move beyond GDP growth and prioritize inclusive, equitable economic development.