New Delhi, May 31: With the Union government releasing data in the hike in the unemployment rate to 6.1 percent in 2017-18, country's top think tank - Niti Aayog - on Friday stated that new PM Narendra Modi government's foreign policies would bring a slew of ‘big-bang’ economic reforms. He opined that these measures should please investors in the coming times to show confidence in India.

According to vice chairman of NITI Aayog Rajiv Kumar, as quoted by Reuters, the reforms are most likely to be taken in the sectors of labour laws, privatisation moves, and creation of land banks for new industrial development. He said, "They (foreign investors) will have reasons to be happy. You will see a slew of reforms I can assure you of that. We are going to pretty much hit the ground running." India's Unemployment Rate Increases to 6.1% in 2017-18, Highest in Last 45 Years 

Earlier on Friday, the labour ministry released the unemployment rate - which increased to 6.2 per cent in 2017-18 - a day after Narendra Modi and Co too oath as Union ministers. According to the data, 7.8 per cent of all employable urban youth being jobless, while the percentage for the rural was 5.3 per cent. Along with this, the data also pointed out that the joblessness among male on all India basis was 6.2 per cent, while it was 5.7 per cent in the case of females.

It is to be known that the data predicts that the country’s unemployment rate stood at a 45-year-high of 6.1 percent in 2017-18. The Congress had in past had slammed the Union government for hike in unemployment. Meanwhile, the GDP in the fourth quarter slowed to 5.8 percent as compared to the previous quarter.

After the reports came out in public in January this year, acting Chairman of the National Statistical Commission (NSC) PC Mohanan, along with external member JV Meenakshi, had also resigned expressing disappointment over the treatment meted out by the Narendra Modi government.

(The above story first appeared on LatestLY on May 31, 2019 10:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).