Key Points
Former Reserve Bank of India (RBI) Governor Raghuram Rajan on Friday said though India's economy is on the rise, it needs to grow at over 8 per cent to meet the ever-increasing job demand in the country..
Speaking at an event in Beijing, Rajan said that while Indias 6-6.5 per cent growth rate is commendable compared to other nations, it falls short of addressing its critical need for creating jobs, especially for its youth, a Bloomberg News report said.. Post-pandemic, India has reported a steady growth, mostly due to the Narendra Modi-led government's policies, increased government spending on infrastructure and other regulatory steps...
But despite outperforming other major economies, India is facing challenges in generating sufficient jobs for the millions entering the workforce annually..
Rajan said: "Indias economic growth at 6-6.5 per cent is strong compared with other countries, but relative to our need for jobs I think its still somewhat slow because we have a lot of young people who need to be employed."..
In October, World Bank senior economist Dhruv Sharma said thatv India needs to grow at nearly 8 per cent to become a developed country by 2047 and such rapid growth is not possible at the current low level of female participation in the workforce...
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