India has asked G-20 countries to push for policies that create jobs and step up efforts to support investment in real sector. Speaking at the G-20 Finance Ministers and Central Bank Governors meet in Washington, Finance Minister Pranab Mukherjee stressed that credible action for both short and medium term policies to create jobs and employment needs to be a corner stone of the G-20 framework.

Mr. Mukherjee said, that there is a general concern over the global employment scenario especially the falling labour participation rate and growing youth unemployment. He also cautioned that, persistent high unemployment tends to have significant long-lasting detrimental impacts on the economy, holding back economic recovery further. He added that social tensions adversely affect productivity and growth in the medium to long-term.

The Finance Minister said the world has been pre-occupied with dealing with the problems in the finance sector, which was need of the hour. However, some developed countries also need to increase investment and upgrade their infrastructure. Mr. Mukherjee said while construction works would stimulate local growth and job creation, the large demand for capital goods created for modern infrastructure would also stimulate private investment and job creation globally.

The G20 Finance Ministers and Central Bank Governors meet took place on the side lines of the Spring meeting of the International Monetary Fund and the World Bank.