FY20 to see 1.6 mn fewer jobs being created as economy slows: SBI report

The economic slowdown has adversely impacted employment generation in the country as nearly 1.6 million less jobs are projected to be created in FY20 compared to 8.97 million fresh jobs in FY19, a report said.

According to the SBI research report- Ecowrap, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.

"In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said.

The EPFO data primarily covers low paid