Former Reserve Bank of India governor, Raghuram Rajan, has stated that India’s economy needs to expand at a rate of over 8% in order to create enough jobs for the country’s growing population. Although India’s economic growth has outpaced other major economies, it is still not creating enough jobs to meet the needs of its workforce. The country’s overall unemployment rate has reached its highest level in over two years, and it is estimated that India will need to create 70 million new jobs over the next decade.
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