Between 24 and 43 per cent of 34,000 respondents in a recent survey said, they had lost their jobs in the past four-and-a-half years. The All India Manufacturers Organisation (AIMO) conducted the survey with members including Micro, Small, and Medium Enterprises (MSMEs) and traders across the country. The worst hit was the trading sector, followed by MSMEs in the plastic, cracker, tanning, stone, and stitching (clothing) sectors.
AIMO extrapolates the survey findings to allege that the job losses in these sectors alone could be about 3.5 million during the period. If this is correct, it could explain why the government, in spite of its own claims of job creation, is busy introducing scheme after new scheme, including the likes of Startup India, Make In India, 59-minute loan approval scheme for MSMEs and MUDRA loan to push credit flow. If the schemes are not working, then clearly it is time to dump them.