Question
World Labour Market.-Explain.
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Answer
When the nations of the world exchange labour for employment, trade and commerce it is called World Labour Market.
- Such a market exists due to need for people with higher or technical education.
- This leads to foreign migration and brain drain and shortage of proper workforce because qualified and skilled people leave the country for better prospects.
- This may affect the development process of the country.
- However, today with globalisation the workers are encouraged to work abroad because ultimately they bring their income to the country and the nation benefits with the foreign exchange.
- This market creates a healthy competition among the nations for export of labour.
- Indian industry sends its manpower for further training abroad and Indian experts today can stand world competition.
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