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Low job creation: Niti Aayog plans to seek opinion of experts

Low job creation: Niti Aayog plans to seek opinion of experts – The Financial Express

The move comes at a time when India’s unemployment level is at 45-year high and the GDP growth rate has plummeted to a 20-quarter low of 5.8% in January-March 2019.

Low job creation: Niti Aayog plans to seek opinion of experts

Taking cognisance of low employment generation and faltering economic growth, Niti Aayog plans to seek the opinion of domain experts—industrialists, economists and academicians—and come up with actionable solutions to be presented to Prime Minister Narendra Modi.
The government think tank has invited several sector experts for a day-long brainstorming on June 22. First, all invitees will attend a round-table meeting with Niti Aayog vice-chairman Rajiv Kumar. Subsequently, small sectoral groups will be formed who will put forward ideas which will be compiled into presentations. These sectoral groups will also comprise of senior government officials. Later in the evening, these presentations will be shown to the PM, sources said.

The move comes at a time when India’s unemployment level is at 45-year high and the GDP growth rate has plummeted to a 20-quarter low of 5.8% in January-March 2019.

On Monday, rating agency Fitch cut India’s GDP growth forecast to 6.6% for FY20 from 6.8% projected earlier as it believes persistent slowdown in manufacturing and agriculture sectors are dampeners.

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Through the exercise, experts are asked to identify constraints on growth acceleration and employment generation across sectors and come up with measures that would propel the economy on a high and sustained growth trajectory, added sources.

Modi on June 15 held the fifth meeting of the Niti Aayog’s Governing Council. He had emphasised that the aim to make India a $5-trillion economy by 2024 is challenging, but achievable, and states will have to play a key role. He said that states should identify their core competence, and work towards raising GDP targets starting from the district level.

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Source: Financial Express