Former Infosys CFO TV Mohandas Pai said India does not face a job problem, but one of wages, as a lot of low paid jobs being created do not find favour with degree holders.
India has regional and geographical problems, Pai said. He said India could adopt the Chinese model of opening up labour-intensive industries and building infrastructure near coasts, besides investing heavily in hitech R&D to meet the aspirations of job-seekers. “Look at what China has done. They first opened up the labour intensive industry – invited the rest of the world to come and use its labour and started an export industry. We have not incentivised labour intensive industries. We don’t have proper policies, so we cannot use our surplus labour,” he said. Pai said China has also invested heavily in hi-tech R & D in many areas, including electronic assembly, by incentivising at lower level to create an eco-system. “China built infra near coasts so that supply chain costs come down,” he said.