1 hr ago
CEA Says India’s Growth Must Deliver Better Jobs
India’s economy is growing, but the Chief Economic Adviser says growth alone is not enough.
He said workers should receive a fair share of the wealth they help create.
Businesses should still earn a fair return on their investments.
Workers with better incomes can buy more goods and services.
That helps businesses continue operating and creating jobs.
He warned that holding down wages or delaying supplier payments is not a lasting solution.
Governments can help by making electricity, land and regulations less costly for businesses.
India’s next challenge is turning economic growth into better jobs, higher wages and greater security.
Chief Economic Adviser V Anantha Nageswaran said growth must be shared fairly by workers and businesses.
He argued that better wages and purchasing power are necessary for a healthy, sustainable market economy.
Nageswaran said businesses, not governments, ultimately create lasting jobs, while governments should lower business costs.
He identified cheaper power, affordable land and reduced compliance burdens as government priorities.
India’s medium-term growth is cautiously forecast at 6.5-7%, while the economy grew 7.8% in the first quarter.
- Who
- Chief Economic Adviser V Anantha Nageswaran, workers, businesses and governments.
- What
- Nageswaran called for economic growth to produce better jobs, higher wages and greater economic security.
- Where
- At an AIMA event in New Delhi.
- When
- He made the remarks at a keynote address at an AIMA event; the articles do not specify the date.
- Why
- He said growth creates meaningful transformation only when its gains are fairly shared and businesses can operate at lower real costs.
Worker-Centered Fairness
Business Sustainability
Sharing economic gains
Worker-Centered Fairness
Workers should receive a meaningful share of the prosperity generated by their work through better jobs and higher wages.
Business Sustainability
Capital should earn a fair return, and businesses need viable profits to continue investing and operating.
How to improve outcomes
Worker-Centered Fairness
Holding down wages or delaying supplier payments can weaken workers’ and suppliers’ purchasing power and is ultimately self-defeating.
Business Sustainability
The sustainable way to earn returns is to lower real costs, with governments helping through cheaper power, affordable land and reduced compliance burdens.
Key facts
- Speaker
- Chief Economic Adviser V Anantha Nageswaran
- Medium-term growth outlook
- Cautious forecasts put annual growth at around 6.5-7%.
- Latest growth figure
- The economy grew 7.8% in the first quarter.
- Government priorities
- Cheaper power, affordable land and lower compliance burdens.
- Core economic challenge
- Ensuring growth translates into better jobs, higher wages and greater economic security.
- Recent measures cited
- An employment-focused Budget, trade agreements, lower compliance requirements, fiscal consolidation, stronger bank balance sheets and improved access to credit.
Quotes
V Anantha Nageswaran
India’s Chief Economic Adviser
“Growth changes the country only when it is shared honestly between those who do the work and those who put up the money.”
thehansindia.com
“A healthy market needs customers who can afford to buy, and those customers are, in the end, someone's workers.”
thehansindia.com
Sources
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