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The Centre is moving towards “structuring” the informal sector to create large-scale self-employment, says Finance Minister Arun Jaitley.
Delivering the first Suresh Neotia Memorial Lecture on ‘Vision for India 2020’, organised by CII-Suresh Neotia Centre of Excellence For Leadership, here on Friday, he said: “In a vastly populated country like India, the government and structured large industries cannot absorb everybody… The informal sector already employs 11 crore in the country, while the structured industry provides jobs to 2 crore people”.
The MUDRA (Micro Units Development and Refinance Agency) scheme, launched last year by the government, had created a self-employment opportunity for 1.72 crore people until last month, he said. “We hope to roll it over year after year”.
For women and the people belonging to Schedule Castes, a new scheme with collateral–free loans would be launched shortly, he said. Jaitley said the government, in its efforts to build an alternative mechanism for creating jobs, planned to extend this.
The Centre was also encouraging start-ups through structured funding, he pointed out.
Talking about providing a growth impetus, the Finance Minister said the Centre aimed to increase public investment, attract more foreign direct investment, and boost urban and rural demand.
On the Land Bill, Jaitley said the Centre was ready to accommodate proposals from the States through suitable amendments to the law.
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