27 March 2024 – According to Chief Economic Advisor (CEA) V Anantha Nageswaran, there will be more employment possibilities over the next ten years as a result of various government initiatives and rising investment.
He said at a gathering here that the economy’s capital creation decreased, and credit growth slowed over the final ten years of the century. “Hopefully, such situations are no longer an issue. The growth of non-food credit is now approaching 20%, bank and company balance sheets are in excellent condition, and hiring is improving,” he said.
“This trend we hope will continue in the future, as indicated by the robust gross value added growth in manufacturing and construction sectors,” he said. Speaking about the several government programs aimed at creating jobs, Nageswaran said that significant structural changes in human development and skill development and the government’s requirement that companies contribute 12% of their earnings to EPFO have all been implemented.
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In addition, he continued, the government has made investments in physical infrastructure that support the expansion of manufacturing and the industrial sector, create jobs in those fields, and improve the stability of financial institutions like banks and non-banks.
