New Delhi, Apr 17: The World Bank has said that India needs 8.1 million jobs every year to maintain its employment rate. The institution further said that the employment rate is declining as women are leaving the job market.
“Every month, the workforce increases by 1.3 million people and India must create 8.1 million jobs a year to maintain its employment rate, which has been declining based on employment data analysed from 2005 to 2015, largely due to women leaving the job market,” the bank said.
The World Bank said in its South Asia Economic Focus that India’s growth rate will increase to 7.3 per cent in 2018, 7.5 per cent in 2019 and 2020.
“Growth is expected to accelerate from 6.7 in 2017 to 7.3 per cent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption,” the World Bank added.
It further said that India’s economy recovered from the effects of demonetisation and the implementation of the Goods and Services Tax. The bank acknowledged that disruptions from demonetisation and events surrounding the implementation of GST led to a setback in economic activity and a potentially larger negative effect on the poor and vulnerable.
The Bank said India should try to accelerate investments and boost exports to take the advantage of the recovery in global growth.