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D. Subbarao
Former RBI governor D. Subbarao said on Thursday there was no ‘sufficient emphasis’ on jobs in the Budget for 2023-24 and it failed to grapple with the unemployment problem head on, except to believe that growth itself will generate jobs.
Mr. Subbarao noted that the unemployment problem was quite bad even before COVID-19 and had become alarming as a result of the pandemic.
“I was disappointed that there was not sufficient emphasis on jobs [in the Budget for 2023-24] ... mere growth will not do; we need job intensive growth,” he told PTI in an interview.
The former RBI governor was asked what was his biggest disappointment with the Budget.
According to Mr. Subbarao, roughly a million people join the labour force every month and India is not able to create even half as many jobs.
“As a result, the unemployment problem is not just growing but is becoming a crisis,” the former RBI governor pointed out.
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