India can create 35 crore jobs by 2030, only if it fixes this problem
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
India has the potential to employ up to 35 crore workers in manufacturing and services sectors by 2030, but this will require a major push in skilling initiatives and investment, according to a new study by the National Council of Applied Economic Research (NCAER).The study, titled "Pathways to Jobs", led by economist Farzana Afridi, highlights that while the country's labour force has grown by 9 crore since 2017-18, only 6 crore new jobs have been created during the same period. A large share of future employment—nearly 28 crore jobs—is projected to come from the services sector.The report underscores that labour-intensive investments in both manufacturing and services could double overall employment, thanks to inter-sectoral linkages. However, it also notes that employment growth is being constrained by a stagnant manufacturing sector, declining labour intensity, and a shortage of skilled workers."The share of the workforce in agriculture has declined, but manufacturing has not picked up the slack," the report said, adding that labour intensity of production is falling, complicating efforts to absorb the expanding workforce.While there has been some progress—particularly in the rise of high-skill employment in the services sector—the skills gap remains wide. In 2018, 92% of workers lacked training; by 2024, that number had dropped to 65%, but still, only 4% of workers had formal training.To tackle this challenge, the economists suggest expanding vocational education and allowing students to choose between academic and skills-based tracks. They also recommend macro-level policy changes including higher public spending, tax cuts, investment incentives, and eased labour regulations to stimulate job creation.With inputs from ToI
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
7 hours ago
- Time of India
Australia to have its first AI minister in shocking plan to save nurses and teachers from boring paperwork
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Imagine a classroom or hospital where educators and healthcare workers spend more time caring and less time on paperwork. That's the vision behind NSW Opposition Leader Mark Speakman's bold proposal for Australia's first-ever Minister for Artificial Intelligence , a move designed to liberate frontline public workers from routine chores and boost said this new minister would spearhead a statewide AI strategy. 'It can relieve our teachers, our nurses, a whole lot of public‑sector workers of mundane tasks, improve productivity, and drive every tax dollar further,' he told NewsWire. The plan includes not only a dedicated ministry and AI national action plan but also low‑interest 'AI for Biz' loans to help small and medium businesses adopt 'responsible AI'.Speakman aims to follow countries like Canada, France, the UAE, and Taiwan, which already have AI ministers or similar offices. He argues that by pushing innovation, NSW won't lag. 'Every technological change has increased living standards,' he said. 'I want Australia and NSW to be leaders of that, not followers.' Not everyone is ready to sign off. Troy Wright, assistant general secretary of the Public Service Association , warned that AI 'has thus far failed because it lacks empathy' in public‑facing trials. He urges caution, especially with sensitive data. 'Keeping that secure must be our number‑one priority,' he counters that the AI Minister would also oversee re‑skilling workers to ensure technology augments, not replaces, jobs. He draws an analogy with Luddites, arguing that past fears of technology were ultimately proven wrong and that AI will create more and more productive a budget reply speech in late June, Speakman branded the timing urgent amid rising living costs and criticisms of the Minns Labor government's spending. He framed AI as a means to stretch every tax dollar meanwhile, is focusing on other pressing issues, housing shortfalls, health care expansion, and small‑business support. Whether AI earns a formal ministry remains to be seen.
Time of India
8 hours ago
- Time of India
Social Security $600 Bonus Payment in July: Is it real or fake? Here's what SSA says
Online Rumors SSA Confirms No Bonus Exists Live Events What is COLA? Payments Already Began in January Fraud Risks What COLA Really Means? FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Many online claims have surfaced about a $600 bonus being added to Social Security payments in July 2025. These claims are circulating widely on platforms like TikTok and Facebook. However, the Social Security Administration (SSA) has made no such announcement. The misunderstanding appears to be based on confusion about the annual Cost of Living Adjustment (COLA).Social media posts have stated that SSA has approved a $600 payment for all Social Security beneficiaries. These claims say the payments will start in June 2025 and are meant to offset rising living costs. The rumor has spread fast and reached many users on Facebook and users believe the payment will automatically appear in their bank accounts along with regular monthly deposits. The content claims these bonus checks are new and separate from the usual SSA has issued no official statement approving a new $600 bonus payment. The administration has not introduced any special increase for July. There is no such program in the current $600 figure seems to come from confusion over the COLA adjustment. COLA is calculated each year and spread across monthly payments. It is not sent as a single one-time stands for Cost of Living Adjustment. It helps Social Security beneficiaries keep up with inflation. The SSA calculates this using inflation data from the Consumer Price Index for Urban Wage Earners and Clerical review takes place from July to September each year. The rate is announced in October and takes effect from January of the next 2025, the COLA increase is 2.5%. If a person receives $2,000 in monthly benefits, this means a $50 increase per month. Over 12 months, the total increase becomes $ increase linked to COLA already started in January 2025. Beneficiaries have received the raised amount in their monthly checks since then. The timing mentioned in the online posts does not match actual payment is no extra money being sent in July. What people are calling a 'bonus' is simply the total yearly increase due to the COLA have used this confusion to trick beneficiaries. Some people have been asked to share personal details like Social Security numbers and bank account information. There are also reports of fraud targeting Medicare SSA warns all recipients not to trust unverified sources and to avoid sharing personal data online or over the phone unless certain of the contact's ensures that government payments like Social Security, Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Veterans Affairs (VA) benefits keep up with 2025 increase is expected to give an average boost of $47 per month. In total, this is around $564 for the year. Some people with higher benefits may see a yearly increase over $600. But most recipients will get will also face increased Medicare premiums . The COLA adjustment may only balance rising costs, not raise disposable the SSA has not approved any $600 bonus. The confusion comes from the annual COLA increase already applied since COLA increase is spread monthly. A 2.5% hike in 2025 gives around $47 more per month for average retirees.
Time of India
9 hours ago
- Time of India
ITC reports weakest FMCG consumer spend in a decade
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Kolkata: Consumer spending on ITC Ltd 's fast-moving consumer goods (FMCG) grew at its slowest pace in over a decade in the last fiscal year, according to the company's annual report released on of ITC's daily necessity products such as packaged food, personal care, stationary, agarbatti and safety matches grew just 4.6% year on year in 2024-25 - to ₹34,000 crore - compared with annual growth range of 9-21% in the last 10 years. While the company's FY25 annual report did not specify any reason behind this slower growth, industry executives said it could be a reflection of a slowdown in the overall FMCG industry amid a quick commerce discounting war in large cities, which may have slowed down consumer spending on daily during the Covid-hit 2020-21 when supplies were severely impacted, consumer spending on ITC's FMCG goods had grown 11.7% year on year. It grew 12% in spending refers to the amount a consumer spends on a product at retail outlets, which includes the company's realisation, trade margins and packaged food business clocked ₹18,270 crore of gross sales in 2024-25, up 6% on year. However, gross sales of other FMCG products including stationery, personal care, safety matches and agarbattis declined by 0.9% on year at ₹3,705 crore, as per its annual company does not disclose business-wise sales in its quarterly financial as urban slowdown persisted, rural demand for India's FMCG market declined in the January-March quarter year-on-year, though it was still four times faster than in cities, according to market researcher growth, or number of units sold, slowed down in the March quarter to 5.1% compared to 6.1% in the year-ago quarter.
