PMEAC discusses options for enhancing jobs in India

Prime Minister's Economic Advisory Council on Wednesday held its third meeting,  in which it discussed strategic options for enhancing employment, growth and agriculture productivity in the wake of India's 2017-18 economic growth forecast being downgraded by many organisations.

"The Aayog will continue the ongoing discussion on employment and growth. The objective of its policy is maximise employment," a source attending the meeting said.

Aayog had recently proposed that the government set up a labour utilisation fund to make the country's workforce more skilled and cost-competitive, encouraging businesses to hire more at a time, when automation and the use of artificial intelligence are making low-skill labour redundant.

Two presentations were made in Wednesday's meeting. Ramesh Chand, member, Niti Aayog made a presentation on 'Strategic options for enhancing agricultural productivity, income and pro-employment growth in agriculture and allied sectors'.

Amarjeet Sinha, secretary, Ministry of Rural Development, made a presentation on the topic 'Mission Antyodaya for Poverty Free Panchayats'.

On trade related issues, Kishore Desai, Officer on Special Duty in the PMEAC, made a presentation to the Council. Rathin Roy and Surjit Bhalla, both part time members of the Council, presented an update on the Economy Track Monitor.

India's economic growth bounced back to 6.3% in the second quarter of the fiscal 2017-18 from a low of 5.7% in the first quarter, but high inflation and high crude prices stare at a grim GDP forecast for the whole year.

Institutions such as World Bank, IMF and Fitch have lowered India's growth forecast for this year.