In 2015 only about 11% of unemployed respondents said that they were actively looking for a job abroad. This figure increased to 28% in 2016 and reached 33% this year.
The responses show that the unemployed have different reasons to seek work abroad. Whereas in 2005, the main reason was the prospect of a better wage, in 2016 and 2017 the main reason given were better career opportunities.
The study conducted for the third year running, in collaboration with polling company LMG, was based on a sample of 903 people from the age of 18 to 67.
According to other findings, 37% of respondents say that they have been out of the labor market for at least 12 months.
The Asian Development Bank on Thursday upgraded its outlook for emerging Asia’s growth rate of gross domestic product for this year to 5.9% from the previous figure of 5.7%, citing better-than-estimated Chinese economic growth.
The GDP growth rates in 2015 and 2016 were 6.0% and 5.8%, respectively.
The key driver for the upgrade is China, up 0.2 points to 6.7%, backed by increased domestic consumption and exports. The Chinese government earlier announced that January-June GDP growth was 6.9%.
The previous outlook was published in April. On Thursday, the ADB also upgraded the growth outlook for 2018 to 5.8% from 5.7%.
The ADB’s outlook covers 45 countries and regions in the Asia-Pacific region, and excludes developed nations.
Even as stock prices climb to new highs, the data on the ground shows the economy is not gaining momentum. At 32,000, the Sensex now trades at 18.5 times the estimated one-year forward earnings. That’s a huge 20% premium to the long-term historical price-earnings multiple that India has traded at.
However, earnings growth and other high frequency indicators don’t quite match the optimism in the stock markets. Analysts expect earnings for the broader universe to fall in the June quarter.
Capex is crawling. New project announcements in Q1FY18 fell 8% year-on-year, slipping for the second quarter in a row to Rs 1.4 lakh crore. This is much lower than the average quarterly investments of the past three years, data from CMIE reveals.
Export growth is slowing. Although exports may have risen in the past ten months, they come off a low base. In June, the pace of exports moderated to just 4.4% y-o-y with non-oil exports slowing for the third consecutive month.
Loan growth remains tepid. While there is an increase in money mopped up via the bond markets, non-food growth is growing at just 6-7% and borrowings via CPs too are slowing.