India must create 78.5 lakh jobs annually to meet workforce needs

Chief Economic Advisor V Anantha Nageswaran addresses a press conference. Pic/PTI

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, according to the Economic Survey for 2023-24. The Survey tabled in Parliament on Monday provided a broad estimate of the number of jobs 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.

Survey sees India growing at 6.5% to 7%

The Economic Survey presented by Union Finance Minister Nirmala Sitharaman has projected a growth rate of 6.5 per cent and 7 per cent further solidifying India's strong macroeconomic fundamentals, CBRE Chairman and CEO-India, South-East Asia, Middle East and Africa, Anshuman Magazine said on Monday.

The country's economic performance in FY'24 surpassed expectations, registering a robust growth rate of 8.2 per cent. "This momentum is noteworthy considering three out of the past four quarters exceeded the 8 per cent growth mark," he said in his reaction to the Economic Survey. Inflation is anticipated to moderate around 4.5 per cent and it reflects a ‘well-balanced' economic environment, he said.

‘Push for Chinese FDI'

Amidst strained ties with China, the pre-budget Economic Survey made a strong case for seeking FDI from Beijing to boost local manufacturing and tap the export market. As the US and Europe are shifting their immediate sourcing away from China, it is more effective to have Chinese companies invest in India and then export the products to these markets rather than importing from the neighbouring country, Survey said.

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