India is lagging behind other G-20 countries in terms of job creation, International Monetary Fund (IMF) First Deputy Managing Director Gita Gopinath said on Saturday. She further said that in view of population growth, the country needs to create 14.8 crore additional jobs by 2030.
He said at the Diamond Jubilee function of Delhi School of Economics that in the decade starting from 2010, India’s average growth rate was 6.6 percent, but the employment rate was less than two percent. Gopinath said that therefore India’s employment rate is much lower than other G-20 countries.
He said, “If you look at India’s projections in terms of population growth, India will have to create an additional 60 million to 148 million jobs between now and 2030… We are already in 2024, so we have to create a lot of jobs in a short time.”
This will require fundamental reforms, including land reforms and the 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 needs to improve. Gopinath also said India should improve its education system so that it can develop the skills of its workforce.
