by Editor | May 25, 2021 | Corporate Jobs, Economy, Employment, Government Jobs, News, Politics, Private Jobs
Subhash Chandra Garg
By Manish Gupta and Vishav,
New Delhi : Asserting India’s fast economic growth is not without generation of jobs, Economic Affairs Secretary Subhash Chandra Garg said the country actually faces shortage of capital more than the scarcity of jobs.
While most Indians have a job and are earning something, the problem is that many of them may be earning lower wages or may not be employed according to their qualifications, he said.
“In fact, we have the constraint that we don’t have as much capital and funds to invest so that we can do more (create more employment). The government has invested Rs 3.5 lakh crore in capital expenditure. If we have more funds, we can invest more,” Garg told IANS in an interview.
He said generating jobs relates to economic activity, which is producing goods and services, and the surest ways to generate employment is to make the economy grow and ensure the government takes up more programs of investment in the country.
“The government has carried out innumerable programmes of investment in the rural areas whether it is the ‘Prime Minister’s Awas Yojana’ where crores of houses are being constructed or large programmes of roads in rural areas and National Highway. Every house results into employment generation. There is a large programme for expanding the LPG connections and fuel delivery. All of them have the potential of generating jobs,” he said.
India is at a developing stage and there is lot of developmental work to do like construction of roads, houses and infratsructural facilities.
“It can provide a lot of demand for many, many years to come,” he said while referring to the demand for workers in the construction industry.
The construction labourer or the mistry, too, has got skills to get employed in any kind of construction work and get a job.
“If the economic activity continues, these jobs will remain. We are scratching just the surface. We need to create thousands of cities. The city infratsructure is nowhere,” Garg added.
The Secretary said India has had the highest economic growth in the last four-five years and the growth was accompanied with job generation.
Rejecting the criticism that India was experiencing jobless growth, Garg said it would only be true if the corporate profits were increasing very high compared to the proportion available to the workers. And, the growth in corporate profits was very normal, he said.
“It’s difficult to come across people who are literally unemployed. It may be a case of lower wages, more than the case of unemployment. Raising economic activity through the private sector and via government expenditure should give boost employment,” he said.
(Manish Gupta can be contacted at manish.g@ians.in and Vishav at vishav@ians.in)
—IANS
by Editor | May 25, 2021 | Banking, Business Summit, Corporate, Corporate Buzz, Economy, Events, Investing, News
(L to R) Danny Alexander, Vice President & Corporate Secretary, Asian Infrastructure Investment Bank, Subhash Chandra Garg, Secretary, Department of Economic Affairs Ministry of Finance, Government of India and DS Malik, Director General (M&C) Finance
By Maeeshat Desk,
Mumbai: With the total project portfolios of US$4.4 Billion, India has been the largest borrower of Asian Infrastructure Investment Bank (AIIB) lending since the time the Bank started its operations.
Unlike most other multilateral development banks set up by advanced economies, AIIB is the first major multilateral development bank where principal contributors are the borrowing members themselves. The third Annual Meeting of the bank focuses on infrastructure, with the theme of innovation and collaboration, said Shri Garg.
The Annual Meeting will see participation from 86 members, and member countries will deliberate upon the strategies to mobilize financing for infrastructure. Hon’ble Prime Minister Shri Narendra Modi will deliver the inaugural address on Tuesday.
Expressing deep gratitude to Government of India and the State of Maharashtra for hosting the Annual Meeting, Sir Danny Alexander, Vice-President & Corporate Secretary, Asian Infrastructure Investment Bank, lauded India’s contribution as an active member in structuring and supporting the bank.
Enumerating the priorities and lending norms, Sir Alexander said, ‘Lean, clean and green is the way we work. We invest in sustainability and are guided by those priorities. Our bank is apolitical and all projects have to pass our test on sustainability and environment’.
Furthermore, he said that AIIB will consider investing in projects outside Asia as long as they serve to benefit the Asian regions too. So far, AIIB has only invested in one solar power project in Egypt, Sir Alexander said.
While 75% of the capital is from Asia, several non-Asian regions like Europe, North America, some East African and Latin American countries have also joined the bank as members.
The third Annual Meeting of AIIB is being organized by Government of India, in collaboration with Government of Maharashtra at Mumbai during 25-26 June 2018.
(L to R) Danny Alexander, Vice President & Corporate Secretary, Asian Infrastructure Investment Bank, Subhash Chandra Garg, Secretary, Department of Economic Affairs Ministry of Finance, Government of India and DS Malik, Director General (M&C) Finance
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, we commenced operations in January 2016 and have now grown to 86 approved members from around the world. By investing in sustainable infrastructure and other productive sectors today, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.
by Editor | May 25, 2021 | Economy, News, Politics
New Delhi : India is set to become a $5 trillion economy by 2025, Economic Affairs Secretary Subhash Chandra Garg said on Monday.
“We expect to grow at about 7 to 8 per cent in real terms and 9 to 10 per cent in nominal terms.
“I think it’s very reasonable to expect that we can achieve the five trillion economy mark. It’s a reasonably set goal,” Garg said during a panel discussion on ‘Shifting role of associations for attaining $5 trillion GDP by 2025’.
He said that India was enjoying macroeconomic stability and exports, after declining for the last couple of years, had started to pick up.
He added the government was also on the path to keep inflation within two per cent range of its four per cent target.
Garg said that in order to capitalise on this macroeconomic environment and achieve the $5 trillion goal, India needed to improve its share in the global trade pie.
“As the global trade grows, we have to have a good part of it,” Garg said.
He added that apart from a robust growth in the traditional sectors like textiles, India also needed to concentrate on services sector in an increasingly competitive global economy.
—IANS
