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India needs to generate 8 million jobs per year for next 10-12 years to become develop country by 2047: CEA
Apr-21-2025

India envisions to become a developed country by 2047 and to achieve this goal the, Chief Economic Advisor (CEA) to the Government of India V Anantha Nageswaran has suggested that the country has to generate 8 million jobs per year at least for the next 10-12 years and raise the share of manufacturing in GDP. Additionally, he has warned that the external environment is not going to be so benign for the next 10-20 years as one might have had in the last 30 years, starting from 1990 or so. Nageswaran outlined that the developed countries do not have to face challenges such as artificial intelligence (AI), technology, and robotics in their developmental journey, but these challenges have become hurdle for developing countries. Meanwhile, in context of rising use of AI in different applications, he added that AI may have a big role in taking away entry-level jobs, or low IT-enabled services jobs may come under threat and it is important to find a right balance between labour-centric policies and technology.

Nageswaran has emphasized the importance of investment in achieving India’s goal for 2047, stating that either investment rates have to rise from where they are or the country has extract maximum output out of existing investments because global capital flows are also going to be affected by ongoing conflicts between nations. He highlighted that the country also has to focus on external trade as the external competitiveness is also a way to boost domestic innovation, domestic potential growth. Meanwhile, he has noted that the export’s contribution in country’s GDP has been deteriorated over the years, and suggested that the country has to improve the quality of exported goods, R&D and internally on logistics and last-mile connectivity to boost external trade.

He also noted that while in the last three years post-COVID, county's growth has averaged more than 8%, sustaining such growth rate in current environment is going to be a very tall order. He added that if country can maintain growth rates of even 6.5 per cent on a sustainable basis over the next decade or two and look to opportunistically increase it to over 7 per cent by focusing on domestic deregulation, that will be the way to go. In current difficult and challenging global environment, Nageswaran believes that the policy determination and identification of priorities can enable the country to maintain the growth advantage.
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