NEW DELHI: India’s GDP (gross domestic product) has been on the hike. With a 7.7 per cent growth in the fourth quarter establishing itself as the fastest growing economy but ‘Where are the jobs?’
While the economy expanding at such rapid pace is big news, Finance Minister Arun Jaitley on social media platform Facebook addressed the issue in a blog that he published on Monday.
“An analysis of the data released clearly shows that the construction sector is expanding by double digits. It is a job creating sector. Investment is increasing. Domestic investment is also increasing. The FDI (Foreign Direct Investment) is at an unprecedented level.
The IBC (Insolvency and Bankruptcy Code) is unlocking the value in the Non-Performing Assets. Fixed capital formation is growing. Manufacturing is expanding. We are spending huge amounts on infrastructure creation. Expenditure on rural projects has increased in a big way. The social sector schemes, more particularly the financial inclusion programmes, have created a wave of self-employment. Each one of these is a high job creating sector,” Jaitley wrote.
On a related note Jaitley is on leave from office as he recuperates from a kidney transplant.
Worth mention here The Narendra Modi-led government is counting on high levels of economic growth to bring jobs before the country heads for general elections in 2019.