Ample employment generation in past 4 years: NITI Aayog VC

Last Updated: Wed, Jul 04, 2018 10:50 hrs
Daily wage workers wait for employment on a street side at an industrial area in Mumbai. (Reuters image)

New Delhi: NITI Aayog Vice Chairman Rajiv Kumar on Tuesday said there has been ample employment generation in the past four years.

"I cannot emphasise more on that there has been ample employment generation in the past four years. The debates are based on anecdotes and sketchy data. We're also trying to put out payroll data so that we have household data, on one hand, employers' data on another hand," said Kumar, NITI Aayog Vice Chairman.

Speaking on disinvestment of companies Kumar said that there will be no change in the rate of disinvestment.

"I don't think the rate of disinvestment will be affected, as all the suggestions made by us has been approved by the Cabinet. I am sure we will achieve our target of 80,000 crores in the second and third quarter," added Kumar.

Kumar taking a jibe at the planning commission said, "I would say that NITI Aayog is not a Think Tank but an Action Tank."

Kumar further said that the government is committed to turn around Air India and run it professionally.

Further talking about the GDP, Kumar said that the global economy has recovered from the crisis, trade disruptions.

"GDP rate of growth has finally recovered from the pre-2008 crisis, for various reasons US economy has pulled right ahead and is expected to grow at 4%, while Eurozone and Japan will struggle at below 3% so you get these de-synchronized. We will get 7.5% in fiscal 19," said Kumar.

Speaking on the rupee the vice-chairman said that there is no need to worry about the value of rupee.

"The rate of inflation in India is much higher than the global inflation rate. The rupee is still overvalued at 5-7%, so there is nothing to be worried about or intervening in the market. RBI has always maintained and practiced that they will interfere in the market to protect the rupee at any level. They only act in the market to control volatility, no need to worry about the value of rupee," said the Vice-Chairman.

The Vice-Chairman further said that the Goods and Service Tax has increased the revenue collected and add around a lakh crore on an average per month, out of which 50,000 will go to the states. And, the states would be able to maintain a 14% growth rate in their tax revenues.