India is sitting at an impressive 7% economic growth this year but the general public is far from reaping its benefits. The ground reality doesn’t reflect this growth as the middle and poor classes are still looking for jobs.
Raghuram Rajan, the former governor of the Reserve Bank of India (RBI), recently pointed out this discrepancy. He highlighted how manufacturing has become more capital-intensive contributing to fewer jobs in India.
The huge number of applications for government jobs shows how urgent this problem is. While higher-income individuals are doing well, those in lower-income groups are struggling, and their spending hasn’t bounced back since the pandemic.
According to Rajan, this disparity hinders the country from taking full advantage of the demographic dividend. He appreciated the new apprenticeship programs from the Finance Ministry but there needs to be good planning and harmony between different sectors for them to produce results.
India stands at a critical juncture where we can either keep going with the uneven growth or take real steps to ensure everyone’s benefits. For this, there needs to be more focus on industries that can create more jobs.
The former RBI governor quickly pointed out how countries like Vietnam and Bangladesh have successfully done this, and India should follow suit. We have a young population, and we can’t waste this chance.
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