Surjit Bhalla, a former India executive director at the International Monetary Fund (IMF), asserted that the Narendra Modi government has witnessed an unparalleled surge in job creation, averaging around 10 million jobs over the past 7-8 years. This remarkable achievement stands in stark contrast to the dismal job creation record during the UPA government’s tenure from 2004 to 2013, a period that gave rise to the term ‘jobless growth.’
Bhalla, a former member of the Economic Advisory Council to the Prime Minister (EAC-PM), emphasized that the highest number of jobs were created during the tenure of Atal Bihari Vajpayee and Prime Minister Modi. He attributed this success to the government’s unwavering focus on promoting economic growth and job creation.
In terms of youth unemployment, Bhalla noted that although the share of unemployed youth in India’s total unemployed population was high at 83% in 2022, this figure is comparable to global trends, with frictional unemployment being higher among the youth worldwide. He cited data indicating that the unemployment rate among youth over the age of 29 in India is around 1%, which is a relatively low unemployment rate.
Regarding the recent slowdown in foreign direct investment (FDI) in India, Bhalla suggested that the government’s new policy, which requires investment disputes to be settled in India, could be a contributing factor. He emphasized the need for the government to address this issue to attract more FDI.
Prime Minister Modi’s BJP government came to power in 2014 and secured a thumping majority in the 2019 general elections. The government’s commitment to job creation and economic growth has been a cornerstone of its success, with the unprecedented number of jobs created under its leadership serving as a testament to its achievements.
