Wednesday, April 17, 2013

The one thing we do not measure

India measures inflation, GDP, car sales, mobile subscribers, industrial production and many things else. 

But do we have any reliable meter for measuring employment/unemployment in India? NO is the answer. And do we care that such a measurement is not there in India? Probably many do not care.

It is common to see non farm payrolls and other measures of employment move and swing both the policy makers and financial markets in US. Whereas it is anything except employment which moves our markets and policy makers.

It is common to see our Finance Ministers expressing concern over all sorts of deficits, lower than expected growth, high inflation, high interest rates, etc., but ever over employment or unemployment?