India needs 8.1 million jobs a year, says WB

India needs 8.1 million jobs a year, says WB

What has happened?

India needs to create 8.1 million jobs a year to maintain its employment rate, according to a World Bank report which projected the country’s growth to accelerate to 7.3% in the current financial year. It also projected the growth rate to increase further to 7.5% in the following two years

India recovered from Demonetisation and GST

In its twice-a-year South Asia Economic Focus (SAEF) titled ‘Jobless Growth?’, the bank also said India had recovered from the withdrawal of large denomination bank notes in November 2016 and the Goods and Services Tax (GST), rolled out on July 1, 2017.

Expedite investments

The report projected India’s growth to further accelerate to 7.5% in 2019-20 and 2020-21 and said New Delhi should strive to accelerate investments and exports to take advantage of recovery in global growth.