The next government must focus on the growth of labour intensive industries to create decent number of jobs for the people, eminent economist Arvind Panagariya said.
The next government must focus on the growth of labour intensive industries to create decent number of jobs for the people, eminent economist Arvind Panagariya said. The sectors such as apparel, kitchenware, footwear, furniture, among others may provide employment to a large section of the people in the country, former Vice Chairman of NITI Aayog told news agency PTI.
The Director at the Raj Center on Indian Economic Policies at Columbia University also said that India needs to develop companies that are competitive at the international level. The firms must focus on capturing the export market that China is steadily exiting on account of rising wages. In order to achieve this, the economy requires flexible labour and friendlier laws, the veteran economist also told PTI.
Arvind Panagariya suggested creation of employment zones similar to China’s Shenzhen-style Coastal Employment Zones that promote highly entrepreneur-friendly regime.
The globally renowned economist who served the NITI Aayog from 2017 to 2017 also said that the reform process must also be completed in the coming five years.
Arvind Panagariya also said that the time has come for India to seriously think about privatising public sector banks (PSBs). The private and foreign banks haven’t been troubled by NPAs to the extent as the experience shows in the case of PSBs on account of the incentives created by their ownership, he also told PTI.
The issue of job creation is being used by the opposition as a key weapon by the opposition to attack Narendra Modi government during the ongoing elections. In a leaked NSSO report, it was revealed that the unemployment in the country stood at a 45-year high in the fiscal year 2018.