On Saturday, Gita Gopinath, First Deputy Managing Director of the International Monetary Fund (IMF), stated that India lags behind in job creation among G-20 countries.
She further noted that, considering the population growth, the country needs to generate 14.8 crore additional jobs by 2030. During the Diamond Jubilee event at Delhi School of Economics, she mentioned that while India's average growth rate for the decade starting from 2010 has been 6.6%, the job creation rate has been below 2%.
Gopinath mentioned that India's job creation rate is significantly lower compared to other G-20 countries. She stated, "If you look at India's projections in terms of population growth, the country needs to create between 6 crore and 14.8 crore additional jobs from now until 2030. With 2024 already upon us, we need to generate a large number of jobs in a relatively short period."
To address this, fundamental reforms such as land reforms and labour code implementation are necessary. Gopinath emphasized the need to increase private investment to generate more jobs, as current growth is not aligned with the 7% GDP growth rate.
While public investment is performing well, private investment needs improvement. Additionally, she noted that India should enhance its education system to better develop the skills of its workforce.