Growth without jobs is no growth: Pranab Mukherjee

Making a point: Former President Pranab Mukherjee speaks at the World Trade Centre on Monday.

Making a point: Former President Pranab Mukherjee speaks at the World Trade Centre on Monday.   | Photo Credit: Arunangsu Roy Chowdhury

‘Inclusive growth cannot be achieved without technology’

Former President Pranab Mukherjee on Monday said that the country’s rapid economic growth has not reflected in the corresponding rise in employment. He said, “A jobless growth is no growth.”

The senior politician was speaking at the seventh Dr. M. Visvesvaraya Memorial Lecture on ‘India’s journey towards inclusive growth’ at the World Trade Centre.

“As many as 63.5 million people in the age group of 20-35 years have entered the workforce in the last five years and it is estimated that by 2020, more than 50% of the population would be below the age of 25 years. Unless we generate jobs, the demographic dividend runs the risk of turning into a demographic disaster,” Mr. Mukherjee said.

He said poverty, which stood at 80% in 1947 is down to 20%, the literacy rate has been brought up to 74% from the mere 12% at the end of colonial rule, the average life expectancy of the “unfed and untreated population” in 1951 was 32 years, but has grown on to 68 years in 2015, thanks to the consistent efforts of the government over the years. “No one can say that the Indian story has been a failed story. However, this growth is no cause for celebration because it has not been as inclusive and pervasive as it should have been.”

Elaborating on inclusive growth, he said there is rising inequality among different classes, “which cannot go on for a long period.” The top 10% of the population owns 61.51% of the assets while the bottom 50% has a share of only 4.77%, he said, citing cited the World Inequality Report of 2018 that stated that the top 10% holds 54.2% of the national share in income while the bottom 50% has only 15.3%.

Mr. Mukherjee said education is a powerful driver of socio-economic change but a vast majority of our population, mainly in the rural areas continue to be deprived of primary education. He also said inclusive growth cannot be achieved without embracing technology.

The evening also saw the World Trade Centers Association (WTCA) award of honour conferred upon industrialist Ratan Tata.