India's Employment Challenge: Creating 148 Million Jobs by 2030

IMF's Gita Gopinath highlighted the need for India to create 148 million jobs by 2030 to match population growth. Despite a GDP growth rate of 6.6% from 2010, the employment rate lags at under 2%. She emphasized land and labor reforms, increased private investment, and educational revamps as crucial steps.

India faces a formidable challenge in employment generation, needing to create 148 million jobs by 2030 to keep pace with population growth, stated IMF's First Deputy Managing Director Gita Gopinath on Saturday.

Speaking at the Delhi School of Economics Diamond Jubilee event, Gopinath noted that despite an average GDP growth of 6.6% over the past decade, India's employment rate remains below 2%, significantly lower than other G20 nations.

To meet these job creation targets, Gopinath recommended fundamental reforms, including land and labor code implementations, increased private investment, and educational system overhauls to enhance workforce skills. She also stressed the need for easing business regulations and broadening the tax base.

(With inputs from agencies.)