According to Chief Economic Advisor (CEA) V Anantha Nageswaran, there will be more job opportunities over the next ten years as a result of various government initiatives and rising investment.
He stated at a gathering in New Delhi that the economy's capital formation decreased and credit growth slowed during the last ten years of the century, PTI reports.
"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.
He further said that employment in agriculture declined by 15 lakh, manufacturing and services added 37 lakh jobs each and the construction sector generated 19 lakh jobs, according to data from 2021-22.
"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.
Speaking about the several government programmes aimed at creating jobs, Nageswaran stated that significant structural changes in human development, skill development, and the government's requirement that employers contribute 12 per cent of their earnings to Employees Provident Fund Organisation (EPFO) have all been implemented.
In addition, he continued, the government has made investments in physical infrastructure that support the expansion of manufacturing and the industrial sector, create jobs in those fields, and improve the stability of financial institutions like banks and non-banks.
Regarding areas for improvement, he stated that less burdensome, costly, coercive, and exploitative regulatory and tax policy implementation regimes are required.
It is still not easy in India to close business in India, he said.
