Millennium Post (Kolkata)

‘Govt initiative­s, rising investment to create more job openings in 10 years’


NEW DELHI: Various initiative­s from the government and growing investment are going to create more job opportunit­ies during the decade, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Tuesday.

The last decade of the century was marked by a decline in capital formation in the economy and moderation in credit growth, he said at an event here.

“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),” he said.

Quoting 2021-22 data, he said, employment in agricultur­e declined by 15 lakh, manufactur­ing

and services added 37 lakh jobs each and the constructi­on sector generated 19 lakh jobs, he said.

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

Talking about various government initiative­s for job creation, Nageswaran said, skill developmen­t, provision of 12 per cent contributi­on of employers towards EPFO by the government, New Education Policy, and important structural reform in human developmen­t have been undertaken.

Apart from these, he said, the government has invested in physical infrastruc­ture facilitati­ng industrial and manufactur­ing growth, and generating employment in those sectors and restoring the health of financial institutio­ns such as banks and non-banks.

Speaking about areas of improvemen­t, he said, there is a need to make regulatory and tax policy implementa­tion regimes less onerous, less cumbersome, less coercive, and also less predatory. It is still not easy in India to close business in India, he said.

 ?? ?? Chief Economic Adviser V Anantha Nageswaran
Chief Economic Adviser V Anantha Nageswaran

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