Economic growth not matched by corresponding growth in employment

Updated on: Monday, April 08, 2013

M R Srinivasan, former Chairman and member of Atomic Energy Commission, said, the economic growth in India has not been matched by corresponding growth in employment.

The growth of Indian economy has been stronger in the services sector, whereas that in China has been so in the manufacturing sector, he said delivering a guest lecture at 12th Annual Convocation of Visvesvaraya Technological University.

Noting that China was referred to as the "work-shop of the world", he said, in comparison, India is described as the "Backoffice of the world".

In fact, in 1970s and 80s India's engineering industries were more advanced than that of China but the situation today was one where China's presence over a range of exports was overwhelming and India's, while not negligible, is that of moderate player he said.

He said India was importing some 50,000 MW of power plant equipment from China, similarly, the electronic hardware import from China, Korea and other countries has been very extensive. "It is time to introspect how we lost our early lead and have become major importer of manufactured equipments."

He also said that in conventional aspects of defence needs like tanks, guns, ships and aircraft India continued to depend on imports and added this was the time for industry and academic institutions committed to innovation to make India self reliant in defence procurement.

Rajeev Chandrasekhar, Rajya Sabha member, was conferred Doctor of Science (Honoris Causa) degree at the convocation.

Economic growth not matched by corresponding growth in employment

More Education news