India needs to create 8.1 mn jobs annually for employment rate: World Bank

There is a need to create 8.1 million jobs annually in India to maintain the employment rate, said The World Bank in its latest report on job scenario.

In its report, the international organisation projected that the country’s growth is expected to grow by 7.3 per cent in the current financial year. It also projected a further growth to 7.5 per cent during 2019-20 and 2020-21 and advised the country to pace up its investments and exports to assist the recovery in global growth.

The report further revealed that the country has recovered from the withdrawal of large denomination bank notes in November 2016 and Goods and Services Tax (GST), rolled out on July 1, 2017.

It its report titled ‘Jobless Growth?’, World Bank also said that South Asian region has regained its position as the fastest growing region in the world, due to the recovery in India.

Referring to India, the report said, “Growth is expected to accelerate from 6.7 in 2017 to 7.3 percent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption.”

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.