New Delhi: India needs to create 11.5 crore jobs by 2030, says a report released today by the global organization Natixis SA. “India needs to create 11.5 crore jobs by 2030, so that the existing and new labor force is well utilised.
Natixis SA report
By the year 2030, one in five people of working age on earth will be an Indian. Government needs to focus on employment generation for proper utilization of their labor force. For this, 1.65 crore jobs will have to be created in the country every year compared to 1.24 crore jobs in the last decade. 1.04 crore formal jobs have to be provided in it.
There is a need to focus on service sector along with manufacturing sector for employment generation. There is a need for the incoming government to focus on the manufacturing sector and it is important to plan and implement policies accordingly. It will also be important to pay attention to demographic and geopolitical developments in the current situation,” said Trinh Nguyen, Senior Economist of the Institute.
According to the Labor Force Survey, the labor force participation rate of 15 years and above in urban areas was 50.2 percent for the period January-March 2024, compared to 48.5 percent in January-March 2023. Women’s labor force participation has also increased, from 20.2 percent in the last quarter of 2021 to 22.3 percent and 25 percent respectively in the next two calendar years.
Despite improvements, India still lags behind other Asian countries in this dimension. Female labor force participation in Vietnam is 75 percent, while in China it is 71 percent. The report says that the Government of India needs to make efforts on this front.
INDIA: As more people enter the workforce, the country will need to generate 115 million jobs by 2030, according to a report by Natixis SA.
— The Spectator Index (@spectatorindex) May 21, 2024
Need to increase participation of women
India lags behind other Asian countries in women’s labor force participation. Female labor force participation in Vietnam is 75 percent, while in China it is 71 percent. For India to increase female labor force participation to 50 percent by 2030, 1.65 crore jobs per year would be required, compared to 1.24 crore jobs created annually in the previous decade. Out of the 1.12 crore jobs created during the two terms of the NDA, 6.1 crore were for women and 5.1 crore were for men.
Also read this:
• Artificial Intelligence: Impact of AI on 40% of Jobs; International Monetary Fund Forecast
