Explorer

Govt Initiatives, Increased Investments Set To Surge Employment Over The Decade: CEA

The CEA said, "This trend we hope will continue in the future, as indicated by the robust gross value added growth in manufacturing and construction sectors"

Chief Economic Advisor (CEA) V Anantha Nageswaran highlighted that the numerous initiatives undertaken by the government, coupled with increasing investments, are poised to generate more employment opportunities over the course of the upcoming decade. He also emphasised that the final decade of the century witnessed a notable downturn in capital formation within the economy, alongside a slowdown in credit growth, underscoring the need for proactive measures to address these challenges, while speaking at an event in Delhi on Tuesday.

"Hopefully, those things are a thing of the past. Non-food credit growth is now running close to 20 per cent, balance sheets of companies and banks are in good shape and hiring (is showing improvement)," Nageswaran said.

Referring to data from the fiscal year 2021-2022, he stated that there was a decrease of 15 lakh jobs in the agriculture sector, while both manufacturing and services sectors saw an increase of 37 lakh jobs each. Additionally, the construction sector contributed to the job market by generating 19 lakh jobs, according to his remarks.

The CEA said, "This trend we hope will continue in the future, as indicated by the robust gross value added growth in manufacturing and construction sectors.”

While speaking about diverse government endeavours aimed at fostering employment opportunities, Nageswaran highlighted several key initiatives. These include initiatives such as skill development programs, the government's provision for a 12 per cent employer contribution towards the Employees' Provident Fund Organization (EPFO), the implementation of the New Education Policy, and significant structural reforms in human development.

In addition to these measures, he mentioned that the government has directed investments towards enhancing physical infrastructure to bolster industrial and manufacturing expansion, thereby fostering job creation within these sectors. Furthermore, efforts have been made to revitalise the financial sector, including banks and non-banking institutions. 

Discussing areas requiring enhancement, he emphasised the necessity of streamlining regulatory and tax policies to alleviate burdensome, cumbersome, coercive, and predatory implementation regimes. He also noted that despite progress, closing a business in India remains challenging despite progress.

Also Read : RBI’s Initiatives Helping In Making Indian Financial Sector Stronger, More Transparent: S&P Global

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Indian Army Resumes Restricted Patrolling At Depsang Plains As Disengagement With China Progresses
Indian Army Resumes Restricted Patrolling At Depsang Plains As Disengagement With China Progresses
'Such Violent Acts Will Never Weaken India’s Resolve': PM Modi Condemns Attack On Hindu Temple In Canada
'Such Violent Acts Will Never Weaken India’s Resolve': PM Modi Condemns Attack On Hindu Temple In Canada
'I Have My Own Faith...': CJI Chandrachud Breaks Silence On 'Praying To God' For Solution To Ayodhya Case
'I Have My Own Faith...': CJI Chandrachud Breaks Silence On 'Praying To God' For Solution To Ayodhya Case
Chhath Puja: Packed Stations, Passengers Standing In Toilets As Overloaded Trains Struggle With Festival Rush
Chhath Puja: Packed Stations, Passengers Standing In Toilets As Overloaded Trains Struggle With Festival Rush
Advertisement
ABP Premium

Videos

Almora Bus Accident: Bus Carrying 42 Plunges Into Ravine in Uttarakhand | ABP NewsBreaking News: Poster Wars Heat Up in Lucknow Ahead of UP By-Elections | ABP NewsManoj Jarange Makes Bold Declaration Ahead of Maharashtra Elections 2024UP News: Political Resolution Looms for UP's 69,000 Teacher Recruitment Saga Ahead of By-Elections

Photo Gallery

Embed widget