News: FDI in retail to create jobs for rural youths

#Updates

FDI in retail to create jobs for rural youths

As the government tries to fix the FDI in retail, there are news that it may have a relook at a proposal that seeks to reserve at least 50 percent of jobs in foreign owned stored for those who have migrated to cities from villages. If agreed upon, then foreign retailers may have to reserve at least half of their jobs in superstores for rural youth and source more than the mandated 30 percent from micro and small industries to placate lobbies.

According to the government foreign direct investment in retail will help create 10 million jobs over the next three years. However, labour economists argue that identification of rural youth is a challenge and the difficulty faced by rural population to work in cities will eventually result in the proposed 50 percent jobs not being filled by rural youth. Further if the terms of employment are contractual in nature then again the proposed benefits are questionable.

Source: The Economic Times

Topics: #Updates, C-Suite

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