A recent report of the McKinsey Global Institute 2 observes that for making a substantial improvement in the standards of living of the Indian people and alleviating poverty, about 115 million new non-farm jobs will have to be created between 2012 and 2022 and of these, about 27 million new jobs need to be created in manufacturing.
In addition, they naturally analyse developments at the macroprudential level extensively and consequently play a major role in the ESRB. However, wherever central banks are involved in financial supervision, it is imperative that this does not compromise their independence and their primary objective, which is to maintain price stability. 5.