Shruti Kothari | Jaipur | Buisiness Remedies | India must create approximately 8 million non-farm jobs each year until 2036 to accommodate its expanding workforce and sustain economic growth, according to the Economic Survey 2023-24 presented in Parliament.
The survey, authored by Chief Economic Advisor V. Anantha Nageswaran and his team, emphasizes that job creation is pivotal for achieving the nation’s developmental goals. It highlights the necessity for the private sector to play a significant role in generating employment opportunities, cautioning against an overreliance on capital-intensive technologies like artificial intelligence that may reduce labor demand. As of the latest data, India’s workforce comprises nearly 565 million individuals, with over 45% engaged in agriculture, 28.9% in services, 13% in construction, and 11.4% in manufacturing. The survey notes that while employment has rebounded from pandemic-induced setbacks, challenges persist in creating sufficient quality jobs, particularly in the non-farm sectors.
The Economic Survey also reports a significant rise in formal employment, with over 31 million individuals joining the formal workforce in the financial year 2023-24. This includes 21 million new enrollments in the Employees’ State Insurance Corporation and 10 million in the Employees’ Provident Fund Scheme.
To address the employment challenge, the survey recommends
8 Accelerating growth in organized manufacturing and services sectors.
8 Enhancing productivity in agriculture.
8 Implementing coordinated skill development programs aligned with industry needs.
8 Promoting vocational training and apprenticeships.
8 Encouraging entrepreneurship through improved access to finance and mentorship.
The survey underscores that achieving these objectives requires a collaborative effort between the central and state governments and the private sector to ensure inclusive and sustainable economic development.
