New job creation to push the Indian Economy: Crisil Report
The credit rating agency Crisil today came up with a data which will bring a lot of cheer to the working youth and unemployed youth of the nation. The new government has undertaken some measures to generate employment and a comprehensive ‘pro-jobs policy’ will help to add 69 million non-agriculture and 11 million manufacturing jobs by 2020.
Crisil’s report also clarified that the government needs to take more steps towards pro-jobs policy to structurally alter the country’s employment profile. Among other reforms, this involve seasing labour market rigidities, building world-class physical infrastructure and alleviating power shortage. It is expected that this move will add 69 million jobs in the non-agriculture sector and 11 million manufacturing jobs by 2020.
Crisil’s report explained that post the Modinomics wave, the market conditions are favourable. The FDI (Foreign Direct Investments) are happening in the infrastructure, manufacturing, e-commerce, IT-ITeS and other sectors. The time is ripe for that one big, concerted push towards a pro-jobs policy that is imperative to alter India’s employment profile.
The Crisil has done a comprehensive research and stated that the manufacturing sub-sectors like textiles, food products and related sectors have the potential to drive employment creation over the next five years. With job opportunities in manufacturing and services rising, excessive push to unproductive job creation in the construction sector which employs the maximum people in India will not be necessary.
Source- The Financial Express
