Creation of jobs is of utmost priority in the economic growth agenda of any country. As reported by media, a survey conducted by an HR outsource and technology firm, PeopleStrong projected that mid-size Indian firms will successfully create 7 million new jobs by 2021, which is approximately 1.4 million jobs annually. The creation of new jobs as projected will take place when India’s GDP growth and subsequent job creation continues to be the same as today.
As per the survey, India’s mid –size market with employees up to 5,000 will be the largest recruiter as companies are hiring approximately 3.5 million people annually.
In the next five years, the survey predicts that transaction-intensive jobs like data collection, server monitoring, and customer service across industries will no longer exist. Rather jobs such as data scientists and digital enablers will be popular in traditional sectors like manufacturing and banking. Also, other jobs such as artificial intelligence, mobile and cloud computing, internet of things (IoT), analytics, and networking will boom.
Pravat Chaturvedi, Former Labour Secretary, Government of India, told to media that, “The real strength of our country are midsized companies. The industry and businesses will certainly see a good time, since important policy decisions are being taken by the government. There will be better employment generation in the coming years.”
He also said to media that as of now there is no clarity whether job creation will be more in the formal sector or informal sector. He stressed the need for having improved efficiency and production and asserted that automation is not to be blamed for reduced employment rate.
Further, the government’s initiative like Make in India and other projects will augment job creation in near future. The Make in India initiative has showcased India as a potential manufacturing hub in the eyes of the world. With around 170 global and Indian manufacturers committing investments over $90 billion, this has huge potential for job creation. As per our Prime Minister, “Even a 20 to 25 percent reduction in imports could directly create an additional 100,000 to 120,000 highly skilled jobs in India.”
India, under Modi, has emerged as among the favorite destinations for foreign investors. And this is much to do with the increased young skilled workforce, surpassing China and constant deregulation and amendments taken up by Prime Minister Narendra Modi.