There'll be full employment by 2012: Rangarajan

NEW DELHI: Six years from now, there will be no jobless people, says the government's top economic advisor C Rangarajan.
"With a sustained growth rate of 9%, by 2012 unemployment will be totally eliminated," said Rangarajan, chairman, Economic Advisory Council to Prime Minister Manmohan Singh.
Delivering the V V Giri memorial lecture here on Monday, Rangarajan also prescribed some conditions in addition to the growth rate a flexible labour market and skilled and trained labour force.Minister of state for labour Chandrashekhar Sahu and labour secretary K M Sahni were also present.
"Accelerating growth is central to expanding employment opportunities. ...Estimates show that with a sustained growth of 9% per annum by 2012, unemployment will be totally eliminated. The macro-economic policy framework must be such as to facilitate accelerated growth," Rangarajan said.
According to preliminary estimates for the approach paper for the eleventh five year plan (2007-2012), which is under preparation, the Planning Commission in veering around to 8% growth rate for the plan period, which would result in the poverty level coming down to single-digit levels compared with around 25% on last count.
While the Planning Commission is grappling with ways to achieve 8% growth, Rangarajan appeared more confident about the task.