India is lagging behind among G20 countries in job creation. Given population growth, the country needs to create another 148 million jobs by 2030, IMF First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Delhi School of Economics’ Diamond Jubilee event, Gopinath said India had grown at an average rate of 6.6 percent in the decade since 2010, but the employment rate was below 2 percent.
“India needs fundamental reforms,” says Gopinath
“If you look at India’s projections in terms of population growth, India will need to create between 60 million and 148 million additional jobs between now and 2030. We are already in 2024, so we need to create a lot of jobs in a short period of time,” she said. Referring to the necessary steps, she said India will need fundamental reforms including land reforms and implementation of labour laws.
Gopinath: “Private investment must be increased”
She called for more private investment, saying that it needed to be generated as it was not compatible with 7 percent GDP growth. However, she said that public investment was going well, but private investment needed to be increased.
Gopinath calls for modernization of the education system
She also stressed the need to modernise India’s education system to improve the skills of the workforce, as well as further improve the ease of doing business, improve the regulatory environment and expand the tax base, she said.
(With PTI inputs)
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