Is India's Economic Growth Slowing in the Most Labour-Intensive Sectors?

.@EconomistDK @CRISILLimited India #Economy #Growth slowing in #Labour Intensive sectors: btwn 2015-16 & 2017-18, y-o-y growth in #Construction (labour intensity ~12.0) slipped from 4.0% to 3.0%, while in #Mfg (labour intensity ~8.0), growth slipped even more, 4m 10.0% to ~6.5%. pic.twitter.com/g3BMqNr0Sw

— Satyen Baindur (@Satyen_Baindur) May 26, 2018

Reminded me of Prof Vijay Joshi's #LKJha #MemorialLecture @RBI where he explicitly pointed to raising the #LabourIntensity of India's growth and esp its exports as the main challenge - labour laws + #ExchangeRate management etc:

— Satyen Baindur (@Satyen_Baindur) May 26, 2018

Vijay Joshi @MertonCollege @UniofOxford & author of '#India's #LongRoad' https://t.co/T9wvw2MctQ … … also gave the @RBI #LKJha #MemorialLecture - a rare #GlassHalfEmpty #OneHandedEconomist's analysis of India's policy challenges: the main one, #EmploymentGeneration, requires:

— Satyen Baindur (@Satyen_Baindur) April 30, 2018

...increasing the #LaborIntensity of India's Growth, and esp its #Exports - which requires both #LaborMarketReform (largely outside @RBI’s remit) +#ExchangeRate management – diagnoses the 2004-17 exchange rate ↑ as having been caused by the #DutchDisease – large capital inflows; pic.twitter.com/shMDXD1iFM

— Satyen Baindur (@Satyen_Baindur) April 30, 2018

Prof Vijay Joshi - LK Jha Memorial Lecture at Reserve Bank of India

Vijay Joshi @MertonCollege @UniofOxford & author of '#India's #LongRoad' https://t.co/T9wvw2MctQ … … also gave the @RBI #LKJha #MemorialLecture - a rare #GlassHalfEmpty #OneHandedEconomist's analysis of India's policy challenges: the main one, #EmploymentGeneration, requires:

— Satyen Baindur (@Satyen_Baindur) April 30, 2018

...increasing the #LaborIntensity of India's Growth, and esp its #Exports - which requires both #LaborMarketReform (largely outside @RBI’s remit) +#ExchangeRate management – diagnoses the 2004-17 exchange rate ↑ as having been caused by the #DutchDisease – large capital inflows; pic.twitter.com/shMDXD1iFM

— Satyen Baindur (@Satyen_Baindur) April 30, 2018

...and suggests ExchRate was allowed to remain high mainly to keep domestic inflation in check... Recommends departing 4m strict #InflationTargeting & separating monetary & exchange rate policy using #SterilizedIntervention & #TargetedCapitalControls 2 prevent exchange rate ↑.

— Satyen Baindur (@Satyen_Baindur) April 30, 2018