The five-member Cabinet Committee on Investment and Growth includes Amit Shah, Nirmala Sitharaman, road and MSME minister Nitin Gadkari and Piyush Goyal.
Prime Minister Narendra Modi on Wednesday set up two Cabinet committees under him to work out measures to generate jobs and boost investment and economic growth, sources said. The move is seen as a tacit acknowledgment of the rather unsatisfactory performance of the last government led by Modi on both the fronts, for which the ruling BJP faced a lot of criticism at the hustings.
The 10-member Cabinet Committee on Employment and Skill Development includes home minister Amit Shah, finance minister Nirmala Sitharaman, commerce and railways minister Piyush Goyal, agriculture and rural development minister Narendra Singh Tomar, human resources development minister Ramesh Pokhriyal ‘Nishank’ and petroleum and steel minister Dharmendra Pradhan. Skill development minister Mahendra Nath Pandey, labour minister Santosh Kumar Gangwar and aviation, housing and urban affairs minister Hardeep Singh Puri are also members of this committee.
The five-member Cabinet Committee on Investment and Growth includes Amit Shah, Nirmala Sitharaman, road and MSME minister Nitin Gadkari and Piyush Goyal. Joblessness in the country rose to a 45-year high in 2017-18, with the unemployment rate among the labour force being at 6.1%.
According to the data released on a day (May 30) when Modi 2.0 Cabinet took charge, 7.8% of all employable urban youth were jobless during 2017-18, while the corresponding figure for rural India was 5.3%. While the joblessness among males on an all-India basis was 6.2%, it was 5.7% in case of females.
Economic expansion crashed to a five-year low of 5.8% in the fourth quarter of FY19, as investment growth collapsed and a slowdown in consumption accentuated, posing the stiffest challenge for new finance minister Sitharaman. This drives down the full-year GDP growth to 6.8% in FY19, the lowest since FY14.
Analysts say the slowdown bolsters the chances of a third straight round of rate cut by the monetary policy committee this week and could force the new government to opt for stimulus measures to improve investment. Having witnessed double-digit growth in recent quarters, expansion in gross fixed capital formation crashed to just 3.6% in the March quarter, indicating private investors still kept away.