India has 7% Economic Growth but Common People are Far from Receiving Benefits
Even if India's economy has grown by an amazing 7% this year, the majority of the population has not yet benefited from it. The poor and middle classes are still in the employment market, thus the actual situation does not reflect this rise. This disparity was recently brought to light by former reserve bank of india (RBI) governor Raghuram Rajan. He emphadata-sized how the increased capital intensity of manufacturing has resulted in a decline in employment in India.
The enormous volume of applicants for positions with the government demonstrates how serious this issue is. While those with higher incomes are doing well, lower income groups are having difficulty, and since the epidemic, their spending has not increased. Rajan claims that this inequality prevents the nation from fully benefiting from the demographic dividend.
He complimented the new apprenticeship programs from the Finance Ministry but there has to be strong coordination and cooperation between diverse sectors for them to yield results. india is at a turning point in its development when we can either continue with the current unequal pace of progress or take concrete action to guarantee the interests of all. To do this, sectors with the potential to generate more employment need to receive greater attention.
The former governor of the RBI did not take long to bring out that india need to do the same as bangladesh and vietnam had done it successfully. We cannot lose this opportunity because of our youthful population.