Fund crunch key chal­lenge in job cre­ation: Garg

The Free Press Journal - - BUSINESS -

Assert­ing In­dia's fast eco­nomic growth is not with­out gen­er­a­tion of jobs, Eco­nomic Af­fairs Sec­re­tary Sub­hash Chan­dra Garg said the coun­try ac­tu­ally faces short­age of cap­i­tal more than the scarcity of jobs.

While most In­di­ans have a job and are earn­ing some­thing, the prob­lem is that many of them may be earn­ing lower wages or may not be em­ployed ac­cord­ing to their qual­i­fi­ca­tions, he said.

"In fact, we have the con­straint that we don't have as much cap­i­tal and funds to in­vest so that we can do more (cre­ate more em­ploy­ment). The govern­ment has in­vested Rs 3.5 lakh crore in cap­i­tal ex­pen­di­ture. If we have more funds, we can in­vest more," Garg said.

He said gen­er­at­ing jobs re­lates to eco­nomic ac­tiv­ity, which is pro­duc­ing goods and ser­vices, and the surest ways to gen­er­ate em­ploy­ment is to make the econ­omy grow and en­sure the govern­ment takes up more pro­grams of in­vest­ment in the coun­try. "The govern­ment has car­ried out in­nu­mer­able pro­grammes of in­vest­ment in the ru­ral ar­eas whether it is the 'Prime Min­is­ter's Awas Yo­jana' where crores of houses are be­ing con­structed or large pro­grammes of roads in ru­ral ar­eas and Na­tional High­way. Ev­ery house re­sults into em­ploy­ment gen­er­a­tion. There is a large pro­gramme for ex­pand­ing the LPG con­nec­tions and fuel de­liv­ery. All of them have the po­ten­tial of gen­er­at­ing jobs," he said. In­dia is at a de­vel­op­ing stage and there is lot of de­vel­op­men­tal work to do like con­struc­tion of roads, houses and in­fras­truc­tural fa­cil­i­ties.

"It can pro­vide a lot of de­mand for many, many years to come," he said while re­fer­ring to the de­mand for work­ers in the con­struc­tion in­dus­try.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.