Economic Absurdity to Say No Job Creation: Jaitley on NSSO Report

Finance Minister Arun Jaitley called the NSSO report a “draft” which has “not been approved”.

Union Finance Minister Arun Jaitley. 

(Photo: PTI)

National Sample Survey Organisation (NSSO) job survey of 2017-2018, which records a surge in the unemployment rate in the country at 6.1 percent- the highest in 45 years is a “draft” which has “not been approved,” Finance Minister Arun Jaitley said.

In an interview with ANI, Jaitley said that it would be an “economic absurdity” to say that the rising economic growth in India isn’t leading to the creation of jobs.

“Let me clear the disinformation here. If our average real GDP growth is 7.5 percent and inflation is 4.5 percent, which at the moment is 2.19 percent, then our nominal growth adding the two is about 11.5 to 12 percent. If the economy is growing at 12 per cent nominal growth for the last five years, it would be an economic absurdity to say that such a large economic growth, the highest in the world, doesn’t lead to the creation of jobs.”

Arun Jaitley, Union Finance Minister to <i>ANI</i>

Adding to this justification, he further told the news agency that if there was indeed a complete surge in unemployment rates in the country like the report claimed, then it would lead to an outbreak of social unrest. However, he said, this wasn’t the case.

“If no job creation takes place then there is social unrest. This has been a peace period where no major social agitation has been witnessed in the last five years.”

Arun Jaitley to <i>ANI </i>

Jaitley also hit out at the Congress for criticising interim Budget 2019, especially the proposed Rs 75,000 crore Pradhan Mantri Kisan Samman Nidhi scheme which would provide financial aid of Rs 6,000 per year to small scale farmers, saying, "please don’t shed crocodile tears today for farmers.” Jaitley said.

“What did the UPA do in their 10 years in power? They announced a one-time loan waiver of Rs 70,000 crores of which only Rs 52,000 crores were waived off. A CAG report was that out of that Rs 52,000 crore, a significant part of money went to traders and businessmen and not to farmers.”

Arun Jaitley, Union Finance Minister

Nature of Jobs Has Changed: Piyush Goyal

After presenting the Interim Budget on Friday, 1 February, Interim Finance Minister Piyush Goyal, addressing the issue in an interview with ANI, said that with India becoming one of the world’s fastest growing economies, the nature of jobs has also changed.

He further stated that post-demonetisation, there had been a “formalisation” of the economy, which would benefit a lot of people. He claimed that this had not been measured and taken into account as of yet.

“The fact that jobs are going could be a narrative of some people.”

Piyush Goyal to <i>ANI </i>

(With ANI inputs)