Job creation is India's top economic challenge, policy experts say: Reuters Poll
BENGALURU - Tackling India's chronic joblessness will be the biggest challenge for the government over the next five years, even as the country remains the world's fastest-growing major economy, according to policy experts polled by Reuters.
An overwhelming 91% majority of development economists and policy experts, 49 of 54, said unemployment would be the biggest economic challenge for the government's term in a survey taken May 15-June 18. The BJP has acknowledged employment was a factor in the election and said"whatever best can be done is being done".
Gross fixed capital formation, often used as a measure for private investment, has risen at a compound annual rate of about 8% since 2014, lower than the 14% during the previous decade. Other recommendations included raising education standards, reforming tax structures and increasing cooperation between central and state governments.
"Official figures of unemployment don't capture the absence of jobs in the informal sector, and since most of India's workforce is in the informal sector, especially rural, you're not going to be recording them as unemployed," said Bina Agarwal, professor of development economics and environment at the University of Manchester.
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