Jobless growth claims 'bit bogus': Arvind Panagariya

He says economy cannot grow at such a rapid pace without adding new jobs and investment

NITI Aayog Vice-Chairman Arvind Panagariya on Sunday said the claims of jobless growth are "bit bogus", as the economy cannot grow at such a rapid pace without adding new jobs and investment.

"There are lot of claims that we are experiencing a jobless growth. Big debate is going on about this issue since some time. I think that this kind of assertion is bit bogus," said Panagariya, speaking at the valedictory function of 'Textiles India 2017' at Mahatma Mandir in Gandhinagar.

"We have been growing at 7 to 8 per cent. And, when you are saying that new jobs as well investment is not happening, then you are claiming that our productivity is growing so rapidly each year with same resources," he said.

"I have never heard about any country where growth of 7 to 8 per cent is happening without new investment or labour. So the claims of jobless growth cannot be logically correct," said the acclaimed economist.

NITI Aayog is focusing on the development of India's vast coastline to generate employment and attract export-oriented firms, as in China, he said.

"NITI Aayog is promoting some coastal zones for setting up export-oriented units, just like China. If they can do it, there is no reason why we cannot. That is why we are promoting some Coastal Employment Zones. We hope that textile sector will be the leading industry in setting up units here," he said.

The Indian economy will become the third largest economy within the next 15 years, Panagariya said.