The Indian economy has reached its fifth consecutive year of growth in terms of the number of new jobs, while the number working for the government is growing at a faster pace than in any year since 2010, the National Bureau of Statistics (NBS) said in a report on Wednesday.
The government has announced new employment plans and wage hikes, as it seeks to stimulate economic growth.
“GDP growth is in a steady, albeit soft, phase,” said NBS deputy director Rajeev Kumar, adding that the government’s plans to raise the minimum wage and increase subsidies to make up for the impact of the global financial crisis are helping.
“The GDP growth is now 5.9% and this will increase to 5.8% by March 2019.”
The economy has also slowed as growth slows from 5.7% in the fourth quarter to 5% in March, NBS data showed.
The economy contracted 0.6 percentage points in the first quarter, compared with a 0.9 percentage point contraction in the second quarter, but grew by 1.1 percentage points, the central bank said.
The central bank’s target for the first-quarter growth rate is 2.3%, but it has cut its target to 2.2% in a meeting on Thursday.
The growth in the government-run India Institute of Management, which provides employment to 1.4 million people, is the fastest in six years.
The Indian government plans to hire 500,000 people for non-executive jobs over the next four years.