India will add a whopping 220 million to its workforce by 2030, Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said.
India will add a whopping 220 million to its workforce by 2030, Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said.
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"Their absorption into the job market will pose a daunting challenge to policy makers as they try to align the forces of globalisation with the overarching objective of inclusive growth," Gokarn said while addressing a forum of chief executives from the Asia Pacific region.
The ICC Regional CEO Forum was organised by the International Chamber of Commerce.
The demographics in the South Asian and East Asian region will play out in such a manner that China, India, Pakistan, Bangladesh, Indonesia and Vietnam will create an overwhelmingly large number of job seekers, Gokarn said.
"This, along with the likely shift from labour intensive activities to automation and relocation of industries to low-wage destinations, would put a huge pressure on national governments to raise their level of preparedness to meet the looming challenges," he added.
The deputy governor said the government needed to act fast if it were to absorb this huge number into the job market.
The government should ensure flexible labour markets, skill development and develop infrastructure to facilitate the flow of investments, he said.
"India's record on the imperatives to deal with the inclusive growth in a globalising world was mixed. Infrastructure has not kept pace with the requirements, skill generation has lagged and safety nets have not been adequate," Gokarn maintained.
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