Surjit Bhalla, former India executive director at International Monetary Fund (IMF) on Sunday claimed that on an average basis, an unprecedented number of jobs are being created under the Narendra Modi government with the number touching about 10 million over the last 7-8 years, according to a report by PTI.
He further said that the least number of jobs were created during the UPA government period from 2004 to 2013 and It was then that the term ‘jobless growth’ came about.
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“The job creation by the Modi government has been the highest on record. Never before in Indian history have so many jobs been created on an average basis. Something close to 10 million jobs over the last 7-8 years,” Surjit Bhalla told PTI in a video interview.
Bhalla, a former member of the Economic Advisory Council to the Prime Minister (EAC-PM), claimed that the maximum number of jobs were created during the tenure of Atal Bihari Vajpayee and PM Modi.
Recently, an International Labour Organization (ILO) report said that in 2022 the share of unemployed youths in India’s total unemployed population was nearly 83 per cent.
“If you look at the data of youth after the age of 29, the unemployment rate in India, which is the most of the population, most of the workforce has been somewhere around 1 per cent, which is really not much of an unemployment rate at all,” Bhalla was quoted by PTI.
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“…frictional unemployment is higher everywhere in the world, amongst the youth,” Bhalla said.
Prime Minister Modi-led BJP government came to power in 2014 and came back with a thumping majority in the 2019 general elections.
On slowing down of foreign direct investment in India, Bhalla said an important reason for the fall in FDI in India could be attributed to the government’s new policy, which says if there is a dispute related to investment, then it has to be settled in India, PTI reported.
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Published: 05 May 2024, 05:29 PM IST