India needs an economic reboot for rapid employment-heavy growth
SummaryIndia would need a structural transformation to achieve fast GDP expansion accompanied by equally robust job generation
After two years of lost growth, India’s economy needs a major structural transformation towards a trajectory of high long-term growth of both output and employment. Why the distinction between growth of employment and output? And why is a major structural transformation necessary for high long-term growth? To address these questions and point to a possible way forward, I will draw on several useful papers that were presented by Amit Basole, Alakh Sharma, Mahendra Dev and K.P. Kannan, among others, at the just-concluded 62nd annual conference of the Indian Society of Labour Economics at the Indian Institute of Technology, Roorkee.