Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level
Ex RBI governor Raghuram Rajan. File pic/Rane Ashish
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries.
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Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
“That is the unfortunate part...You would think with 7 per cent growth, we would be creating a lot of jobs. But if you look at our manufacturing growth, it is more capital intensive,” he told PTI.
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