First Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath said on Saturday that India is lagging behind the G-20 countries in terms of job creation. She further said that considering the population growth, the country needs to create 14.8 crore additional jobs by the year 2030. She said in the Diamond Jubilee program of Delhi School of Economics that India’s average growth rate in the decade starting from the year 2010 was 6.6 percent, but the employment rate was less than two percent.
Our employment rate is lower than other G-20 countries
Gopinath said that therefore India’s employment rate is much lower than other G-20 countries. She said, “If you look at India’s estimates in terms of population growth, then India will have to create a total of 6 crore to 14.8 crore additional jobs from now till 2030. We are already in 2024, so we have to create a lot of jobs in a short time.”
Private investment needed
This will require fundamental reforms, including land reforms and implementation of labor codes. He said private investment needs to increase to create more jobs, as it is not in line with the seven percent growth in GDP. He said public investment is going well, but private investment has to improve. Gopinath also said India should improve its education system so that it can skill its workforce.
