Construction and real estate, organized retail, transport and logistics, and beauty and wellness are some of the major sectors that have the highest potential for creating jobs in India in the near future, according to news reports.
The Economic Times has cited the findings from the Assocham-Thought Arbitrage Research Institute Paper, which estimates the job-creating potential of different sectors, in the next five years.
Upon mapping the job potential, the paper found that on the employment base of 45.4 million in 2013, the building, construction and real estate (including infrastructure) would need another 31.1 million human resources.
"The sector has been the worst-hit because of multiple factors including high level debts and non-performing assets, delays in delivery of housing projects, and environmental and regulatory hurdles. We need to get these issues out of the way in a manner that it becomes a robust engine of job creation and economic growth," Assocham General Secretary D S Rawat was quoted as saying in a report.
Similarly, organized retail could create at least 10-12 million new jobs in the next five years. Textiles and clothing can also be a potential area of job creation, the paper said, highlighting the need for re-skilling in all those sectors of the economy that are primarily focused on domestic demand.
On the other hand, the country's information technology and IT-enabled services sector may add at best one million jobs in the next five years, the paper noted.
"The IT and ITeS, which is under pressure at present, in any case, was to expand at lesser pace in job creation. On the employment base of 3.3 million in 2013, the much-touted sector had an incremental human resource requirement of 2.2 million by 2022, of which about one million have been added in the last 3-4 years," the report observed.
"Thus, as a country which requires at least 15-20 million jobs a year, we need to look quite broader and at those areas which expand not only in the export market but also within the country," Rawat concluded.