7 to 8% GDP growth rate creates employment, says Arvind Pangariya

29 June, New Delhi

Rejecting allegations that GDP growth in the country has not created any employment, NITI Aayog Vice-Chairman Dr Arvind Pangariya said that when growth rate of any economy remains between 7 to 8 percent, naturally this growth creates employment.

He was speaking at a seminar on “NITI action agenda and the Indian economy” organized by Reserve Bank of India in Mumbai today.

RBI governor Urjit Patel and economist Vivek Dahejiya conducted the discussions with Dr pangadhiya. He further said that the data available with us is unreliable and to find out exact number of actual employment generation in the country, we need a collaborated statistical data.

Claiming that fast growing economies like India always have potential for employment generation, Mr Pangariya said that the drawback is Indian markets are less productive and less profitable.

While stressing the need of investment in big companies to compete with global economy, Mr Pangariya said that NITI Aayog has focused on creating infrastructure and system for big industries in the country and this is the foremost priority of NITI’s planning agenda.

He further said that considering employable youth population in the country, we need to create the system to attract global industrial investment.