Report says, India needs to create 100 million job opportunities in a decade to foster growth potential
India needs to create around 100 million new employment opportunities over the coming decade as it looks to encash its demographic surge as rising in employment can help accelerate the country's growth potential and make it inclusive, says a report.
PwC's Strategy& report, 'Nagarik: Inclusive growth through large-scale employment generation', highlighted practical ways of raising employment across the country over the coming decade and noted how connecting local resources of the country's smaller districts to markets can lead to large-scale employment generation.
"...over the coming decade, we need to create employment opportunities equivalent to the population of five Australias. This is one of the most critical agenda items facing the country which, if tackled with foresight and energy, can help accelerate our growth and make it inclusive," the report noted.
As per the report, India will need to increase its labour force participation rate (LFPR) by providing greater opportunities to its working population especially women.
"Reaching the global LFPR average of 63.5 per cent in line with the increase in working age population will be critical", it noted.
"Generating gainful employment, especially in India's smaller districts, where the majority of India resides, allows inclusive growth. Using local capabilities, local entrepreneurs and market connects is the sustainable way forward," said Shyamal Mukherjee, Chairman, PwC in India.
The report noted that using a five-pronged approach, the platform called Nagarik, offers insights and solutions for all-around employment generation, including marginal employment. The platform offers integrated solutions for augmenting jobs creation in agriculture, agro-processing, MSMEs and tourism.
"Nagarik is a platform that puts the citizen at the centre of the employment generation equation. It convenes private sector participants for market and finance connect, with government acting as a catalyst and enabler," said Shashank Tripathi, Partner and Leader - Strategy&.
(With inputs from agencies.)