Indian agriculture sector, which contributes about 16% to the nation's GDP is grossly "underemployed", Finance Minister Arun Jaitley today said.
Speaking at the inaugural ceremony of Symbiosis International University campus at Kothur in Mahaboobnagar District, Jaitely said population in some of the developed countries is contracting and the trend may present opportunities to the Indian youth if they are trained well.
"Agriculture in India barely gives to agriculturists subsistence. In fact, people are already underemployed there. We can't afford to have 55% of people in agriculture contributing 16% to the national GDP. That creates inequalities.
n terms of manufacturing, our aspiration is that it should be about 25% of our economy. And therefore we lost the opportunity when the first industrial revolution came, we lost the opportunity when the second and third industrial revolution came… That is low-cost manufacturing," he said.
According to the finance minister, China and other Asian economies benefited more than India. "Now it seems that fourth industrial revolution is there for India to catch up… hopefully we may… But we are not sure."
He said the population in India can become advantageous if they are trained and converted as human resources.