India Needs 11 Crore Jobs By 2030 As Workforce Rises


Rohit Kulkarni

Rohit Kulkarni

May 27, 2024


India Needs 11 Crore Jobs By 2030 As Workforce Rises

India and its job market are again in headlines!

India & its Urgent Job Creation to Meet Workforce Demands by 2030

As per a report by Natixis SA, there is a need for the nation of 1.4 billion people to produce 115 million jobs by 2030 to meet its rising workforce. 

The need for the job creation is dire for the nation to maintain current economic progress.

India is Asia’s 3rd largest economy and as per a senior economist at Natixis, Trinh Nguyen, the country is touted to be needing to produce 16.5 million jobs every year, up from 12.4 million in the previous decade.

Her study also emphasized the need for creation of 10.4 million jobs from the formal economy.

In her study, she said that “To achieve this herculean task, India’s growth engine needs to fire on all cylinders, from manufacturing to services in the next five years”.

India, is one of the fastest growing economies in the world and is expected to grow by more than 7% this year.

However, this might not be enough to keep up with the burgeoning population.

India, who is undergoing the general elections currently, wherein PM Narendra Modi is running for a 3rd term, is plagued with high youth unemployment.

Leveraging Manufacturing for Growth and Employment

As per the economist, despite the development of 112 million jobs over the last decade, only approximately 10 per cent of these roles are official.

As per the data by World bank, the current national labour force participation rate is 58%, which is much lower than that of other Asian nations.

Adding to the analysis, she said that the country has half of GDP coming from services industry and the same industry would be able to cater to such headcount as well as labour quality and hence India has to ride on the back of manufacturing sector and compete with companies and countries looking to diversify away from a China-centric supply chain.

She added that “The incoming administration needs to jump on the manufacturing train and capitalize on demographic and geopolitical tailwinds”. 

Talking about the way forward, she said that “Even if the road forward is challenging, it is never too late to walk down the right path.”


Rohit Kulkarni
Rohit Kulkarni
  • 928 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online