New Delhi: Mahindra group president Anand Mahindra It said on Friday that manufacturing needs to be boosted to create massive employment and take advantage of the growing global factors in India’s favour.
Addressing the shareholders at the company’s 76th Annual General Meeting here, Mahindra said certain gaps need to be addressed to take full advantage of the opportunities created in the country. “The most significant (lag) of these is unemployment growth. The Indian unemployment rate is hovering around 7-8%, according to CMIE (Center for Monitoring Indian Economy). This is because employment growth has not been able to keep pace with GDP growth. Only 40% of the labor force able to do the job is actually working or looking for work. The worst victims are youth and women.”
According to the latest CMIE data, the country’s unemployment rate fell to 6.8% in July, the lowest level in the past six months, amid rising agricultural activity during the monsoon.
Addressing the shareholders at the company’s 76th Annual General Meeting here, Mahindra said certain gaps need to be addressed to take full advantage of the opportunities created in the country. “The most significant (lag) of these is unemployment growth. The Indian unemployment rate is hovering around 7-8%, according to CMIE (Center for Monitoring Indian Economy). This is because employment growth has not been able to keep pace with GDP growth. Only 40% of the labor force able to do the job is actually working or looking for work. The worst victims are youth and women.”
According to the latest CMIE data, the country’s unemployment rate fell to 6.8% in July, the lowest level in the past six months, amid rising agricultural activity during the monsoon.