Business News / Record jobs created under Modi government, highest in Indian history, Surjit Bhalla said a big thing

Business News: Surjit Bhalla, former executive director of India at the International Monetary Fund (IMF), has said that a record number of jobs are being created on an average basis during the tenure of the Narendra Modi government. He claimed that in the last seven-eight years this figure has reached around one crore. Bhalla said that the lowest number of jobs were created during 2004 to 2013 (the tenure of the UPA government) and that is when the term 'jobless growth' came into existence. He said that employment generation has been at a high level under the Modi government. “Never before in Indian history have so many jobs been created on an average basis,” he said in a video interview with PTI. Nearly one crore jobs were created in the last 7-8 years.

Maximum jobs during the tenure of Vajpayee and Modi

Bhalla, a former member of the Prime Minister's Economic Advisory Council (EAC-PM), asserted that maximum jobs were created during the tenure of Atal Bihari Vajpayee and Modi. He was reacting to the recent report of the International Labor Organization (ILO). This report states that in 2022, the share of unemployed youth in India's total unemployed population was about 83 percent. He said that apart from this the youth are looking for better jobs. In such a situation, unemployment is high everywhere in the world due to youth 'looking for new jobs'.

FDI pace slow

The BJP government led by Prime Minister Modi came to power in 2014 and returned with a huge majority in the 2019 general elections. On the slowing down of Foreign Direct Investment (FDI) in India, Bhalla said that an important reason for the decline in FDI in India can be attributed to the new policy of the government, which states that if there is any dispute related to investment, It will have to be solved in India itself. He said, “Now, if I am a foreign investor, why should I take this risk? And I don't think that's the case anywhere else in the world."

Foreign investors increasing portfolio investment

According to Bhalla, foreign investors are not increasing their direct investment, but are increasing their portfolio investment. He said, “I hope that whoever will be the new government will reconsider this policy. However, I am confident that the new government will be of BJP. Last year, the total FDI inflow in April-January, 2023-24 has declined slightly to $ 59.9 billion from $ 61.7 billion a year ago. At the same time, net FDI inflow has come down from $25 billion to $14.2 billion. Bhalla estimated that the ruling BJP alone could get 330 to 350 seats in these Lok Sabha elections. Voting for the country's seven-phase Lok Sabha elections has started from April 19. Counting of votes will take place on June 4.