Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

Shortage of Funds Key Challenge in Job Creation: Economic Affairs Secretary

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 Economic Affairs Secretary Subhash Chandra Garg said.

IANS

Updated:February 10, 2019, 12:30 PM IST
facebookTwitterskypewhatsapp
Shortage of Funds Key Challenge in Job Creation: Economic Affairs Secretary
Image for representation.
Loading...

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.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
LIC Housing Fin 428.05 -7.63
DLF 141.30 -17.66
Yes Bank 61.65 -5.73
Indiabulls Hsg 450.05 -6.93
Maruti Suzuki 6,220.40 -0.14
Company Price Change %Gain
LIC Housing Fin 428.25 -7.65
DLF 149.00 -13.17
Yes Bank 60.95 -6.80
Tata Steel 340.35 -0.79
Indiabulls Hsg 449.95 -6.81
Top Gainers
Company Price Change %Gain
Britannia 2,462.10 3.25
Dr Reddys Labs 2,544.15 1.64
TCS 2,219.75 1.53
HUL 1,877.65 1.49
Tech Mahindra 678.85 0.90
Company Price Change %Gain
TCS 2,220.85 1.60
HUL 1,877.00 1.46
HCL Tech 1,073.25 0.14
ITC 243.35 0.72
Bharti Airtel 356.40 0.49
Top Losers
Company Price Change %Gain
Indiabulls Hsg 449.65 -7.01
Yes Bank 61.05 -6.65
UPL 513.15 -4.25
Bajaj Finserv 6,905.05 -3.37
Vedanta 136.20 -2.68
Company Price Change %Gain
Yes Bank 61.00 -6.73
Vedanta 135.35 -3.25
Coal India 184.35 -2.33
Hero Motocorp 2,653.40 -2.24
IndusInd Bank 1,343.50 -1.64

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results