Private investment has to go up to improve job situation: Dharmakirthi Joshi at Manorama Budget Speech 2024

Private sector companies should be nudged to increase their investment to create more jobs, said Dharmakirthi Joshi, Chief Economist of CRISIL, a subsidiary of S&P Global and the country’s first rating agency. He was presenting the keynote address at the 25th Malayala Manorama budget lecture at the Le Meridien International Convention Centre in Kochi on Thursday evening. 

Le Meridien International Convention Centre hosted 25th Malayala Manorama budget lecture | EV Sreekumar

Despite the favourable economic conditions and strong balance sheets, private players are reluctant to invest and this should change, Dharmakirthi Joshi said. He also said that global debt has become very high -- almost three times the global GDP. If anything triggers a crisis this debt can lead to a crisis. 

Geopolitical climate is a threat, the expert in his speech. The world is dependent on Taiwan for critical semiconductors. So, China's conflict with Taiwan escalating could upset the global economy, he observed.

Dharmakirthi Joshi | EV Sreekumar

Joshi also bamed climate change as a big challenge along with generative artificial intelligence.  "We need economic provisions to deal with them. It is  (Generative AI's takeover) happening fast and the labour market will struggle to cope with it," Dharmakirti Joshi said.

CRISIL is a subsidiary of S&P Global and the country’s first rating agency. who also advises trade bodies such as the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII).