(MENAFN- KNN India) India has benefited from its open trade policies on external trade relations: Urijit Patel
Mumbai, June 22 (KNN) Pointing that number of start-ups coming up can compensate for job losses in IT-sector, RBI Governor Urijit Patel said there is no need to be overly pessimistic at this stage.
"I think we don't have to be overly pessimistic at this stage," Patel said, according to a media report.
He was addressing at an IMC event here over growing concern over jobs in the USD 160-billion IT sector.
"While there could be pressure on employment in some of the IT sectors, it is not necessarily in terms of literally job destruction, but may be the growth rate is affected by what is happening. The number of startups in that same space is almost compensating for most of this," he said.
Patel said there is a "contradiction" between what the reports say and what he hears from the industry.
"When you talk to businesses themselves, I rarely hear about jobs destruction," he said.
Patel strongly defended India's open trade policies on external trade relations and advocated continuing with them, saying the country has benefited from those.
"Unequivocally, India's position should be for an open trading system," he said, adding that we should stick to it despite the changes adopted in a few countries.
"As a USD 2.3 trillion dollar economy at market exchange rates, our voice does count and for the most part we have benefited from an open trading system," he said. (KNN Bureau)
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