India should focus on job creation for balanced growth
Our effort to revive GDP growth is laudable, but the generation of jobs needs special attention. State support measures should be aimed at sectors that employ people in large numbers.
Budget 2021-22 was a balanced one, given the difficult circumstances the country faced. Having said that, India’s fast-recovering economy is not doing enough to create jobs. To fix this, the government must focus not just on accelerating growth, but on fuelling employment too. So far, our V-shaped revival of gross domestic product has not translated into a recovery of lost jobs. India’s unemployment rate rose to 9% in December, by data from the Centre for Monitoring Indian Economy, with around 9 million losing their jobs between September and that month. The Union budget made no mention of them, but it is incumbent upon the government to recognize joblessness as a serious challenge and work towards the generation of jobs across sectors.