India has been trailing among G20 nations in terms of employment generation with the country in need to create an additional 148 million jobs by 2030 considering the population growth, IMF’s First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India on average grew at 6.6 per cent for the decade starting in 2010 but the employment rate was under 2 per cent.
‘India requires basic reforms’, says Gopinath
“If you look at India’s projections in terms of population growth, India will have to create anywhere between 60 million to 148 million additional jobs cumulatively between now and 2030. We are already in 2024, so in a short period of time we have to create a lot of jobs,” she said. Talking about the needed steps, she said that India will require basic reforms including land reforms and implementation of labour codes.
‘Need to increase private investment’: Gopinath
Speaking for more private investment, she called it necessary to generate as it is not commensurate with 7 per cent growth in GDP. However, she said, public investment is going well but private investment has to improve.
Gopinath calls for revamping education system
She also emphasised a need to revamp the Indian education system so that it can improve the skill set of its workforce. Besides, she said, there is a need to further ease of doing business, improve the regulatory environment and broaden the tax base.
(With PTI Inputs)
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