Name: Lifting India Out of Poverty: The Five-Year Plans
Uploaded: 2019-07-19
Duration: 4 min 37 s
Description: As a newly independent nation, India and its people wanted to lift the poor out of poverty and develop the country’s economy. Let’s see how.

Question

Explain the idea of &lsquo;World Labour Market&rsquo;.

Accepted Answer

When a change of labours is there among nations of the world, it is called world labour market.

When labourers migrate from one country to another for employment, business, training or higher education it is called the movement of labour at the international level. World Labour Market is a new form of brain drain.

A much larger number of people enrolled themselves in the world market and seek employment anywhere in the world. This has become a transnational phenomenon and people of one country migrate to another country.

Thus, the world has become a single market for employers to select their prospective employees from anywhere in the world. Those seeking employment are willing to serve employers anywhere in the world.

This hunt for employees on the one hand and the jobs, on the other hand, is more pronounced in highly technical areas due to information technology, biotechnology, communication and medical science.

India is among the loser countries in the World Labour Market. However, the remittances of the foreign exchange by the NRIs add to the country’s foreign exchange reserves.

Explain the idea of ‘World Labour Market’.

Important Questions on Economic Problems and Challenges : Poverty and Unemployment

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