Saturday, August 13, 2022
HomeMoney & LoansIndia needs to grow 8-10% in next 25 yrs to create more...

India needs to grow 8-10% in next 25 yrs to create more jobs: Singapore min



India must grow by at least 8-10 per cent over the next 25 years so that the it is able to lift the average income of people and create more jobs, Singapore Senior Minister Tharman Shanmugaratnam said on Friday.


He delivered the first first Arun Jaitley Memorial Lecture, which was attended by Prime Minister Narendra Modi, among other dignitaries.


“To do both at the same time — to lift per capita income significantly and to create many more jobs for the larger population — you need an 8-10 per cent growth, that is the minimum that has to be achieved in the next 25 years,” Shanmugaratnam said.


He also said India needs to focus both on productivity and job growth.


“You need the productive growth because it’s the only way in which incomes are going to grow but you need a lot more job growth and it can be achieved,” he said.


He also said that India will have to increase its pace of reforms and re-orient the role of the government to deal with the challenges that the country might face in the next 25 years.


Stressing that India should not move away from multilateralism, he said globalisation provides a huge opportunity for the Indian economy.


Those who say that globalisation is retreating have been proven wrong as global trade has increased post COVID and has surpassed pre-COVID level, Shanmugaratnam said, adding that India needs to focus on agriculture as it is very critical.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

mail Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

%d bloggers like this: