Watch | Jobless Growth: India’s Economic Growth Is in Sectors That Are Unable to Provide Employment
New Delhi: The government needs to focus on job-intensive sectors, former Reserve Bank of India governor D. Subbarao recently said in an interview with The Wire, adding that India is not creating half as many jobs as needed.
He acknowledged that while the country's GDP is growing at a faster rate, there is still joblessness. "Growth is coming from sectors that are not job-intensive, such as IT, finance, etc. But that is not tenable because there's a huge problem – unemployment. [You can] dispute the numbers but you cannot deny the problem," Subbarao said.
"The number of jobs we need to create is as much as 90 million to 100 million. There are about 10 million people joining the labour force every year, and we are not creating half as many jobs," he added.
He further emphasised on the need to focus on the MSME sector.
While speaking about his book, Just a Mercenary? Notes from My Life and Career, the former RBI governor shared his personal growth journey and said that one should not fear doing something because it will be a failure. It's better to face failure and learn from it.
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