India must create 8 million jobs annually to meet the goal of 2047: CEA NAGESWARAN

On Saturday, the chief economic advisor against Annatha Nagarawran said that India needs to create at least eight million jobs annually and raised the manufacturing share in GDP during the next decade if it hopes to achieve a goal to become a developed country by 2047.

Speaking at the Summit of Colombia India 2025 in New York, Nagsuran highlighted the upcoming economic challenge. “We have a vision to achieve advanced India by 2047. The biggest challenge, regardless of the size of India, is that the external environment will not be very benign during the ten years to the next twenty as one might have in the past thirty years, starting in 1990 or so.”

He added: “But in this context-this is given, you cannot choose your external environment until after a point-we must generate at least 8 million jobs annually at at least at 10 to 12 years … and raise the share of manufacturing from the gross domestic product, in the context of China after this enormous manufactured hegemony, especially after after.”

He warned that the development journey of India faces the opposite winds that industrial countries do not have to confront, including rapid progress in artificial intelligence and robots. He said: “India, with its size, must move in this huge and complex challenge, and there are no easy answers. If you look at the number of jobs we need to create, it is about 8 million jobs annually. Artificial intelligence may have a major role in transferring jobs at the level of entry, or low -service services jobs may be exposed to information technology.”

He said that while preparing the population for a world controlled by artificial intelligence, the public policy must achieve a balance between employment centered on employment and technology -based growth. “Technology at the end of the day is not just an option that technologies can do. Public policy makers should make,” he said.

While India was moving towards the vision of “Viksit Bharat” in its centenary year of independence, the integration of Indian companies into global value chains and the construction of the MSME sector will be very important. “The countries that have become manufacturing did not do this without there being a small and viable institutional sector,” said Nageswaran.

He pointed out that India must increase the current investment rate or benefit better than the current capital amid a turbulent global background. “The global capital flows will also be affected by the ongoing conflicts between nations,” he said, stressing the importance of enhancing external competitiveness.

He said: “It is not that foreign trade will not be important. It will be important and we need to focus on this because external competitiveness is also a way to enhance local innovation and local potential growth.” However, he warned against relying heavily on exports as a growth engine.

“We cannot expect to contribute to the way it achieved in the first decade, when the average growth of India from 8 to 9 percent of GDP between 2003 and 2008. Each year, exports contributed 40 % to the growth of GDP in the first decade, especially before the crisis.

He added that the solution lies in the promotion of the quality of the product and investment in research, development, logistics and communication with the last tendency. He said: “From the perspective of politics, it will be logical to assume that it will not be easily possible to extract growth from exports as we used to do before.”

In the post -ponds, India’s average growth reached more than 8 %, but Nageswaraan acknowledged that maintaining this momentum would be difficult. “Obviously, in the current environment, maintaining a growth rate of 8 % will be very long. But if we can maintain growth rates of 6.5 percent on a sustainable basis over the next decade or twelve, and we are looking for a opportunistic increase to more than 7 percent by focusing on local cancellation, that will be the way to go.”