India to add 220 million to workforce by 2030: RBI

India will add a whopping 220 million to its workforce by 2030, Reserve Bank of India (RBI)

Deputy Governor Subir Gokarn said Saturday.

'Their absorption into the job market will pose a daunting challenge to policy makers as

they try to align the forces of globalisation with the overarching objective of inclusive

growth,' Gokarn said while addressing a forum of chief executives from the Asia Pacific

region.

The 'ICC Regional CEO Forum' was organised by the International Chamber of Commerce.

The demographics in the South Asian and East Asian region will play out in such a manner

that China, India, Pakistan, Bangladesh, Indonesia and Vietnam will create an overwhelmingly

large number of job seekers, Gokarn said.

'This, along with the likely shift from labour intensive activities to automation and

relocation of industries to low-wage destinations, would put a huge pressure on national

governments to raise their level of preparedness to meet the looming challenges,' he added.

The deputy governor said the government needed to act fast if it were to absorb this huge

number into the job market.

The government should ensure flexible labour markets, skill development and develop

infrastructure to facilitate the flow of investments, he said.

'India's record on the imperatives to deal with the inclusive growth in a globalising world

was mixed. Infrastructure has not kept pace with the requirements, skill generation has

lagged and safety nets have not been adequate,' Gokarn maintained.