Business, labour leaders ask G20 nations to stimulate growth by creating more jobs

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Ankara | Published: September 4, 2015 9:00:47 PM

India and other members of the G20 bloc were today asked by the international business and labour communities to unleash their potential to stimulate growth, create more jobs and reduce gender gap in employment by 25 per cent by 2025.

g20 summitIndia and other members of the G20 bloc were today asked by the international business and labour communities to unleash their potential to stimulate growth, create more jobs and reduce gender gap in employment by 25 per cent by 2025. (Reuters)

India and other members of the G20 bloc were today asked by the international business and labour communities to unleash their potential to stimulate growth, create more jobs and reduce gender gap in employment by 25 per cent by 2025.

In a joint B20-L20 declaration, the two groupings of the international business community and labour leaders of the G20 nations said the governments must determinedly tackle youth unemployment and pursue macroeconomic policies that promote jobs.

The other two aspects of the five-point declaration included call for reducing gender gap in employment by 25 per cent by 2025, promote transition from informal to formal employments and business and labour playing a key role in economic and social policies.

The Ankara Declaration, titled ‘Jobs, Growth and Decent Work’ said these steps are absolutely necessary for bringing more people into work, stimulating growth and improving working conditions.

Separate meetings and joint meetings of B20 and L20 groupings are being held here on the sidelines of the G20 meeting of Finance Ministers and Central Bank Governors.

These meetings would be followed by the final G20 Summit of heads of states from the 20 top economies of the world, which include India and US among other countries.

Today’s declaration observed that “up-take and follow-up action” on earlier joint recommendations for labour market have been modest and therefore it was necessary to reinforce the “joint messages of recent years”.

The declaration called for targeting job creation, incentive and employment schemes for young people to ensure a smooth transition from school to work.

It also called for setting ambitious national and regional targets with concrete, realistic and traceable Key Performance Indicators (KPIs) for youth employment.

Further, it stressed on the need for macro-economic policies to bring forward infrastructure investment that can also ensure transition to a low-carbon economy.

It also emphasised on the need for strengthening private investment and promoting investment in human capital to encourage private sector-led growth that fuels demand for work and further employment creation.

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