3 min read.Updated: 29 Jun 2017, 04:47 AM ISTLivemint
The inability to manage the jobs challenge will mean that governments will be forced to use fiscal tools to buy social peace
Former Chinese president Hu Jintao had famously confided to his US counterpart George W. Bush that the one issue that kept him awake at night was creating enough new jobs to maintain social stability. It is a concern that has—or at least should have—resonated with Indian leaders as well. The Chinese government has for long considered creating 10 million jobs a year a prime goal of economic policy, as people moved from farms to modern enterprises. This has for long been the standard playbook for countries escaping mass poverty.