Labour-intensive industries need to be promoted to generate more jobs: Raghuram Rajan
Reserve Bank of India’s former governor Raghuram Rajan said that India was creating enough jobs as reflected by the number of applicants for vacant posts in some states with 7 per cent economic growth.
Rajan suggested that the focus must be on promoting labour-intensive industries to generate employment. He further said that some Indians at the upper-level are comfortable and have high incomes, but consumption growth from the lower half of the country has not recovered to pre-pandemic levels.
«That is the unfortunate part...You would think with 7 per cent growth, we would be creating a lot of jobs. But if you look at our manufacturing growth, it is more capital intensive,» he told PTI.
According to the former RBI governor, industries that are more capital-extensive are growing faster, but those that rely on labour are not growing.
«It is not going well at the lower level. I think the desperate need is for jobs. And you can see this, forget the official statistics.
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