Economy

Employment key to better future, Economists tell Modi ahead of Budget

Employment key to better future, Economists tell Modi ahead of Budget”

Niti Aayog has set up a task force to examine high frequency employment data. Kumar also pointed out the fact that educated unemployment in the country maybe as high as 20 percent and the time is now on to tap on job growth. "There was unanimous support for working towards doubling the farmers income", Kumar said, adding that the many experts suggested the government to focus on job creation.

Earlier today, Prime Minister Narendra Modi interacted with experts and secretaries ahead of the Union Budget.

During the session, experts shared their views on various economic themes such as the macro-economy, agriculture and rural development, employment, health and education, manufacturing and exports, urban development, infrastructure and connectivity, according to a statement from the Niti Aayog, which had organised the meeting.

Experts also suggested that fresh capital infusion into public sector banks should be followed by reforms so that there are fewer instances of lending decisions going wrong.

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"The statistics we are getting on lack of employment generation are probable overrated".

He said another big idea discussed during the meeting was if India can adopt stronger export-driven growth strategy "given the global economy is now in the phase of synchronized expansion". "I am trying to create capability in the Aayog hopefully in collaboration with the Ministry of Labour to trap this data", he said. This is because whether production goes up or down, the farmer's income may not actually increase. This can be brought about by improving productivity, lowering costs, greater efficiency, giving much greater market access to farmers, making them producers of products rather than commodities.

The Road Ahead' was also attended by Finance Minister Arun Jaitley and other ministers and government functionaries.

The Prime Minister thanked participants for their suggestions on the economy.



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