Job Creation: Balancing Productivity and Job Creation for India’s Economic Growth | India Business News


MUMBAI: India’s growth-centric insurance policies, technological prowess and rising affluence locations it properly in its journey in direction of changing into one of many world’s main economies however to leverage the alternatives that India has to supply and realise the nation’s development potential, concentrate on constructing “human capital” is important, mentioned Nitin Paranjpe, chairman at Hindustan Unilever in his deal with on the firm’s 91st AGM on Friday.
India, Paranjpe mentioned, must strike a steadiness between productiveness and job creation to attain development going ahead. “In any growth model, productivity will always be a key driver but it cannot just be productivity. It will have to be productivity plus creation of jobs. That should be in a position to address the new roles that we need to create to absorb the people who are coming into the working class. The focus just doesn’t have to be on growth but the texture of growth,” Paranjpe instructed TOI in an interview on the HUL headquarters right here.
The means India would derive its development must be totally different from how international locations like Japan, South Korea, or components of Europe would get development. “They are going to be short of people in the working class and therefore, their growth has to be only productivity-led. We need that balance,” Paranjpe mentioned. A larger concentrate on sectors which have a excessive employment elasticity just like the providers and MSME sectors can be key. “Everything that govt is doing to create more jobs is really what we need,” mentioned Paranjpe.

Projections point out that the nation might want to create 90 million non-farm jobs over the subsequent decade to each handle the migration of labour from agriculture and present employment alternatives to the folks coming into the working age inhabitants. However, job creation alone is not going to assist, the method must be aided by making certain that the working age inhabitants is “employable”. This is the place foundational literacy turns into crucial, mentioned Paranjpe.
“As a nation, we have to make sure that the quality of education that we impart to people delivers the outcomes that we want…. it is about building human capital which is geared to address the jobs we need to,” Paranjpe mentioned, including that govt and corporates might want to collaborate to deal with the challenges in creating human capital.
“Corporates will need to play a key role — be it in ensuring reskilling and upskilling the workforce populace, creating employment, embracing diversity or supporting human development,” Paranjpe mentioned. HUL, the chairman mentioned, has within the final yr alone invested 1,00,000 hours on coaching and upskilling interventions throughout its workplaces, factories and gross sales workforce.
Paranjpe mentioned that he’s “quite optimistic” in regards to the development alternatives that India has for the subsequent decade and past. “Much of it is going to come from consumption, new category creation…. It is going to come from premiumisation. All of these are good growth drivers for the economy at large and for companies in the FMCG space as well,” Paranjpe mentioned.

Nilesh Desai
Nilesh Desai
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.


Please enter your comment!
Please enter your name here

Share post:



More like this

Infosys raises FY25 revenue growth forecast to 3-4%

BENGALURU: Infosys's shares surged practically 9% in early...

Rupee: Rupee hits all-time low against dollar due to US-China tensions | India Business News

MUMBAI: The potential return of Donald Trump as...

IT stocks lift sensex above 81k for 1st time

MUMBAI: Strong shopping for in high software program...