Macro Economy

10 ‘champion’ sectors to create new jobs

Nayanima Basu New Delhi | Updated on January 30, 2018 Published on January 29, 2018

But experts say demand growth and subsequent revival in investments will lead to more hiring

 

In an effort to boost job generation to double-digit level, the government has identified 10 ‘champion’ sectors that will drive growth under the ‘Make in India’ version 2.0, the Survey said.

Chief Economic Adviser Arvind Subramanian said a lot of employment challenges can be addressed while taking measures to revive the economy and boosting agriculture. He said employment generation, including finding good jobs for the young and burgeoning workforces, especially for women, will be one of the three key areas in the medium-term.

These include capital goods, auto and auto components, defence and aerospace, biotechnology, pharmaceuticals and medical devices, chemicals, electronic system, design and manufacturing (ESDM), leather and footwear, textiles and apparels, food processing, gems and jewellery, new and renewable energy, construction, shipping and railways.

Inclusive employment

In the survey, the government also talked of promoting “inclusive employment” in order to generate jobs for daily wage labourers. Steps have already been taken in sectors such as steel, apparel, leather and power to address specific challenges associated with each of them.

 

However, according to experts economic growth will come when there is demand and subsequent revival in investments leading to more hiring. Madan Sabnavis, Chief Economist, CARE Ratings said: “Identifying sectors is alright but job prospects clearly depend on how business fares and that depends on demand. Jobs today are facing a setback largely because of demand contraction. Businesses are stagnating today without any significant growth so talking of certain thrust sectors will not help.”

Published on January 29, 2018

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