No unemployment by 2010, growth at 8%: Rangarajan
According to the Economic Council of The Prime Minister, unemployment can be eradicated totally from the country by the year 2010 provided the economic growth witness an upward curve with a growth of 8% per year.
Possibility is that it can be achieved earlier as well if the growth domestic product (GDP) increases at a higher rate.
The main fact considered is if the GDP reflects steady growth then the day is not far when the work force (employed labor) will be equal to the labor force (employable people) by the year 2010.
The Economic Advisory Council, under the former Governor of Reserve Bank of India C. Rangarajan and other top Economists namely Saumitra Choudhary have made sure that the days of unemployment will be over by the year 2010 and the plan will be fully backed by the economic growth of the country.
However there are still some conditions that are to be fulfilled such as skill matching to allow smooth flow of employment from the Secondary to the Tertiary sectors of the Indian Economy.
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Eyebrows are raised when such an impossible issue is promised to be possible. When asked about its surety C. Rangarajan said: “ Presently, we cannot comment upon the nature and the amount of income the additional workforce will get.â€
Plans have been charted identifying ways to increase the productivity in the informal part of the economy but the quality of the work provided is still under consideration.