Industries need to share burden of job creation: Niti Aayog’s Arvind Panagariya

Niti Aayog’s outgoing vice-chairman Arvind Panagariya.

Admitting that lack of job creation is plaguing the country, Niti Aayog’s outgoing vice-chairman Arvind Panagariya said the industry needs to chip in with more well-paid and formal sector jobs.

“I find it paradoxical when industry captains come and ask the government what it is doing for job creation,” Panagariya told Hindustan Times in an interview.

“We certainly need a change of mindset on part of our industrialists.”

According to Panagariya, industries have over the years chosen to invest in capital-intensive sectors instead of labour-intensive ones, which has compounded the problem.

The 64-year-old said under Prime Minister Narendra Modi, who is also the chairman of the government think tank, the industry-government relationship is “undergoing a major change” as the old system of “industrialists currying firm-specific favours” has been replaced by a partnership regime.