Jalan says government needs to focus on jobs creation and long term prospect for economic growth

Former RBI Governor Bimal Jalan said on Monday that the government needs to focus on jobs creation and stressed that the long-term prospects for economic growth are good.

Also, he said that the Narendra Modi-led government has a majority and can take tough decisions.

"I am positive about medium to long-term growth prospects of the economy... If you look at all factors of production, India is strong today," he said during an interaction organized by 'Algebra, the Arts & Ideas Club'.

However, on employment opportunities front, Jalan said not enough jobs are being created. The banking sector is grappling with the problem of bad loans, he added.

"...something which is going now is depressing, there are is not enough jobs created, there is NPA problem," the former RBI governor noted.

He also pitched for decentralization of power and said that the ministries should not be running the public sector undertakings (PSUs).