India must do more than sustain rapid economic growth and ensure that rising output translates into productive jobs, higher incomes and better livelihoods, former Reserve Bank of India (RBI) Governor D Subbarao has said, warning that a failure to generate employment could turn the country’s demographic dividend into a liability.
Sustaining growth of 7% or more will require stronger private investment, labour-intensive manufacturing, improved human capital and deeper integration into global value chains, Subbarao told PTI. He said the pace of expansion alone would not determine the economy’s success, with the nature of growth equally important for employment generation and economic resilience.
