Indian economy needs to generate 78.5 lakh jobs annually till 2030

 

 

 

Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in non-farm sector to cater to the rising workforce, according to the Economic Survey for 2023-24. The Survey tabled in Parliament on Monday also laid emphasis on the private sector’s role to create employment in the country saying, “In more than one respect, the action lies with the private sector. In terms of financial performance, the corporate sector has never had it so good.” It noted that results of a sample of over 33,000 companies show that, in the three years between FY20 and FY23, the profit before taxes of the Indian corporate sector nearly quadrupled.

 

“The nominal GDP grew 9.6 per cent y-o-y to Rs 295-lakh crore. Hiring and compensation growth hardly kept up with it. But, it is in the interest of the companies to step up hiring and worker compensation,” it stated. The survey provided a broad estimate of the number of jobs (78.5 lakh per annum) that the economy has to generate. It further said that everyone in the working age will not seek jobs. Some of them will be self-employed and some of them will be employers too. More than jobs, the Survey added, economic growth is about generating livelihoods. Governments at all levels and the private sector will have to strive together for it. It said that the share of agriculture in the workforce will gradually decline from 45.8 per cent in 2023 to 25 per cent in 2047. “Consequently, the Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce,” the Survey said.