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‘Restrictions on H1B visas is bad news; we can’t target 8-10% growth if globalisation is reversed’: Arvind Subramanian

Jobs seem to be a big concern for the Centre that is completing almost 3 years now. Is slowdown in private funds affecting job creation?

Jobs depend upon all kinds of factors. Whether you can get exports up, investments up, consumption up, everything contributes to growth. But clearly we also have to get private investment up. I think private investment is essential in keeping growth high on a sustained basis. There are limits on how much governments can invest, they have to balance fiscal rectitude with this. So I think in the medium term investments and exports have to be the basis for growth. I think that, therefore, exports to some extent are starting to pick up, it’s not fantastic, but starting to pick up. The world economy improves as the IMF is forecasting but private investment (is weak) due to the twin balance sheet challenge that we have pointed out in (the survey).[…]

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‘Restrictions on H1B visas is bad news; we can’t target 8-10% growth if globalisation is reversed’: Arvind Subramanian