Photo: MintFor some time now, there has been conventional wisdom afoot that growth in India, especially in recent years, has resulted in relatively little employment creation. This hypothesis is commonly referred to as ‘jobless growth’. Thus, in conversation with me on 29 June 2017 at the Reserve Bank of India (RBI), at a seminar chaired by RBI governor Urjit Patel, the then NITI Aayog vice-chairperson, Columbia University professor Arvind Panagariya, opined that the notion of jobless growth was a “little bit bogus”. He added: “The point that I have to make is that when such growth happens, 7-8%, it cannot be jobless, jobs are being created. Thus, from a high point of 0.57 in 1972/1973-1977/1978, it fell to an astonishing low point of 0.01 in 2004/2005-2009/2010.

Source: Mint January 28, 2018 17:48 UTC