Thursday, April 11, 2019

No harm in nuclear bunkers if they create jobs.

An advertisement for a new residential complex in Delhi promised all the usual amenities, "But then you notice an extra-ordinary feature of this housing project: it offers a nuclear bunker," wrote an incredulous TK Arun. This is clearly an effort to be different from other projects to make it attractive to buyers. "Demand in real estate started declining from 2013. By 2016, it had hit an all time low," wrote AK Sharma. A large portion of the price of any property used to be paid in cash, called black money, to avoid taxes, but now that has become difficult so demand has fallen. Official corruption is still present. "Developers have to seek clearances from multiple departments. They have to ensure compliance with a large number of rules and regulations that may be subject to revisions and pay steep official charges and fees," wrote Tandil and Gandhi. "Speed money and bribes are common in the process leading to cost escalations." This is bad news because construction is source of earning for millions of unskilled labor. "The sector employed over 40 million workforce in 2013, and as per projections, it is slated to employ over 52 million workforce by 2017 and 67 million workforce by 2022." This means it will "generate over 15 million jobs over the next five years". "Over 80 percent of the employment real estate and construction constitutes minimally skilled workforce" which provides a means of escape for farmers if crops fail. From 2016 to 2018, 45% of new jobs were for people educated up to Class 5, 26% were for those who studied up to Class 6-9, 12% for those who studied up to Class 10-12 and less than 6% for graduates and above, wrote M Vyas. "There were 48 million self-employed people as of late 2018." "The quality of work of most self-employed persons is so poor that they do not even consider themselves to be employed. Neither do the daily wage laborers or agricultural workers." Education does not seem to confer any advantage. People surviving on subsistence level earnings feel especially aggrieved when they compare with government employees. "Although somewhat dated, a World Bank survey revealed that average annual salary of a government employee in the UK during 1995-2000 was 1.4 times the average British citizen's income. This ratio in Indonesia was 1, China 1.2, the US 1.4, South Korea 1.5, Argentina 1.9, Singapore 2.9, and Malaysia 2.9. For India, it was 4.8 times the average income of the Indian citizen," wrote R Dayal. A candidate for a bye-election in Tamil Nadu J Mohanraj has declared assets worth Rs 1.76 trillion and debts worth Rs 4 trillion to draw attention to corruption in government. Nuclear bunkers may well be needed if the jobless get angry. 

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