Focusing on employment generation

22 NOV,2021 | MEDC


 

Experts believe that India needs 100 million jobs in the formal sector in the coming decade to maximize its demographic dividend. This implies that the non-agricultural sector has to generate around 14% job growth annually. Funding infrastructure development to that end will necessitate doubling of the nation's capital expenditure in the medium term from about 5-6% of the GDP currently. Concerted efforts will need to be made to channelize all avenues of savings for garnering the required resources. The services sector will not be the primary driver of this huge job creation … the majority of it will have to be generated by our industrial sector. For that, the right fiscal incentives are necessary. We also need to see job growth as linked to our trade policy. India needs to integrate itself more firmly with global supply chains, as that will help create many more domestic employment opportunities. All this is important, and it needs to be done at the earliest.

*Photo Credit: Google

 

 

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