In a report 'Employment in India: Uneven and Weak',Crisil said the country has to nearly double the job creation rate, witnessed during 2005-10, to achieve this number.
Net addition of jobs during 2005-10 was 27.7 million as compared to 27.2 million jobs created in 2000-05.
"Job creation has clearly not kept pace with the GDP growth. The GDP growth increased to 8.6 per cent during 2005-10 from 6 per cent during 2000-05, but the net addition to jobs remained almost flat at around 27 million during the two time periods," Crisil Chief Economist D K Joshi said.
He also said that combined with a decline in the number of self-employed persons, this sharply reduced the employment intensity (number of persons per lakh of real GDP) to 1 in 2005-10 period from 1.7 in the preceding five years.
The study -- based on National Sample Survey Organisation ( NSSO) data on employment -- also said that generating 55 million jobs would pose an overwhelming challenge without appropriate policy support.
It also said that employment potential of fast growing manufacturing and services sector could not be fully exploited due to the lack of enabling policy environment.