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Time of India
2 days ago
- Business
- Time of India
Eyeing trillion $ goal, T sets sights on defence, aerospace, biotech
Hyderabad: The Telangana govt will focus on three high-potential sectors - defence, aerospace, and biotechnology - to achieve its goal of becoming a trillion dollar economy by 2047. Chief minister A Revanth Reddy has said at a number of fora that the state would achieve this goal well ahead of the national timelines. Sources in the expert group working with the state govt on numerous projects told TOI that Telangana has so far followed the Karnataka model, which emphasised services as a major driver of growth. Now, the state may follow a model similar to that of Tamil Nadu, where manufacturing is expected to play a crucial role in boosting the economy. This strategic shift comes at a pivotal moment. India has recently become the fourth largest economy in the world, surpassing Japan. "One specific reason for this potential shift is availability of skilled manpower across Telangana, not just in Hyderabad. This creates an ideal situation for sectors like defence, biotechnology, and aerospace," said a senior official. For an added impetus, the state has been requesting the Centre to make Telangana part of the National Semiconductor Mission. "The government is working closely with some experts to strengthen the economy," an official added. Several prominent economists, including Nobel laureate Abhijit Banerjee and Montek Singh Ahluwalia, have visited the secretariat in recent months in a bid to steer the state towards its goal. However, experts caution that apart from identifying key sectors to boost the economy, there is a need for a strategic shift in the way the govt operates. "Freebies or welfare schemes that simply dole out cash need to be rationalised, and everyone must be encouraged to work. Job creation in the private sector is essential for achieving balance," said Krishna Reddy Chittedi, associate professor at the School of Economics, University of Hyderabad. Telangana's Gross State Domestic Product (GSDP) for 2024-25 (advanced estimates) at current prices is pegged at Rs 16,12,579 crore, reflecting a growth rate of 10.1%. This surpasses the national GDP growth rate. "At this rate, it would take Telangana more than a decade to reach the trillion dollar mark," Krishna Reddy added. INDUSTRY TAKES LEAD Industries contributed Rs.2,77,270 cr to the state gross state value added (GSVA) in 2024-25, manufacturing (47.60%) & construction (29.07%) being largest contributors State aims for 15% annual growth in MSME registrations Share of jobs in the industrial sector stood at 23%, according to Periodic Labour Force Survey for 2023-24
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First Post
3 days ago
- Business
- First Post
India's formal job market expands: Young workforce leads the charge
Both manufacturing and service sectors saw an uptick in hiring. The Employees' Provident Fund Organisation (EPFO), which tracks formal employment through payroll data, reported a net addition of 1.46 million members in March 2025 read more The Employees' Provident Fund Organisation (EPFO), which tracks formal employment through payroll data, reported a net addition of 1.46 million members in March 2025. Significantly, young adults aged between 18 and 25 accounted for nearly 59 per cent of these new members, the sign of a robust influx of first-time job seekers into the organised employment sector. This growth aligns with broader positive labour market trends, as evidenced by the latest figures from the Periodic Labour Force Survey (PLFS). The survey indicated an unemployment rate of 5.1 per cent in April 2025 for individuals aged 15 years and above. Notably, the unemployment rate among younger segments (15-29 years) stood slightly higher at 14.4 per cent for females compared to 13.6 per cent for males, largely attributed to a growing number of young women pursuing higher education and vocational training. STORY CONTINUES BELOW THIS AD Further supporting the expansion of the formal employment market, India's white-collar job segment showed signs of revival. The Naukri JobSpeak index reported a 9 per cent year-on-year growth in hiring activity for April 2025, marking a recovery after a slowdown experienced in March. Prominent sectors fueling this rebound included pharmaceuticals, real estate, global capability centers (GCCs), and oil and gas. More from India Why Manipur's Shirui Lily Festival has turned into a flashpoint over identity Both manufacturing and service sectors saw an uptick in hiring. The Purchasing Managers' Index (PMI) employment sub-indices for these sectors remained in expansionary territory for the fourteenth consecutive month, showing sustained confidence and growth momentum. Collectively, these indicators point to a strengthening and increasingly formalized job market in India, driven by young, skilled professionals eager to enter organized employment and a resilient economic backdrop despite global uncertainties.
India Today
3 days ago
- Business
- India Today
Is the world's 4th-largest economy taking care of unemployment?
India is poised to become the world's fourth-largest economy by the end of 2025. But, is the country handling its unemployment menace equally well? The World Economic Outlook April 2025 report by the International Monetary Fund, which showed how India's economy will progress ahead, also showed that joblessness is decreasing in the country. In fact, India is better placed than countries like Brazil, China, Canada, Italy, France, etc. in this IN INDIAIndia, the world's most populous country with 144 crore people, has been consistently lowering its unemployment rate. From 8.9 per cent in 2018, unemployment nearly halved to 4.9 per cent in 2024. Notably, the IMF's estimates match those of the Ministry of Statistics and Program Implementation's Periodic Labour Force Survey. Unemployment cannot be discussed without looking at the labour force participation rate (LFPR). If people leave the labour market, the unemployment rate will automatically come down. However, this doesn't seem to be the case with LFPR is also on the rise, which means that more people are entering the labour market and more are getting jobs. It rose from 48.4 per cent in 2018 to 56.4 per cent in an improving employment situation, India is ahead of many of its peers. Against a 4.9 per cent unemployment rate in India, South Africa recorded 32.8 per cent, Spain 11.4 per cent, Turkiye 8.7 per cent, France 7.4 per cent, Brazil 6.9 per cent, Canada 6.4 per cent, and China 5.1 per the government has recognised small and medium enterprises as one of the greatest sources of employment generation and has been adding support to MSMEs in the Union Budgets in recent years.'Beyond their economic contributions, these MSMEs have generated substantial employment opportunities, providing jobs to over 25.18 crore individuals. This extensive employment generation underscores the sector's crucial role in driving economic development and enhancing social stability by offering livelihoods to millions across the country,' the Ministry of MSME said following the Union Budget this year. The budgetary outlay of the Ministry of MSME rose from Rs 7,011 crore in FY20 to Rs 17,307 crore in InTrending Reel
Indian Express
4 days ago
- Business
- Indian Express
Youth face long-term employment challenges from AI's rise
The advent of artificial intelligence has created valid concerns about loss of jobs despite the numerous opportunities that can emerge in certain segments. And while some risks have already materialised even in India – fintech firm PhonePe, for instance, cut its customer service team by 60% in the five years ended 2023-24 due to increased use of AI-driven chatbots – the situation is particularly perilous for the youth. According to US-based venture capital firm SignalFire's State of Tech Talent Report 2025, released on May 20, hiring of fresh graduates by large technology firms in 2024 was down more than 50 per cent compared to 2019, while the decline was more than 30 per cent for start-ups. 'As budgets tighten and AI capabilities increase, companies are reducing their investment in new grad opportunities,' SignalFire said. Youth unemployment For Indian youth, circumstances are already difficult. According to the statistics ministry's inaugural monthly Periodic Labour Force Survey released earlier this month, the unemployment rate for Indians in the 15-29 years age bracket was as high as 13.8 per cent in April 2025, more than twice the all-India unemployment rate of 5.1 per cent, based on the current weekly status approach which measures unemployment by considering those persons who were available for work for at least one hour on any day in the seven days preceding the survey Longer-term trends don't paint an encouraging picture either. According to a Centre for Social and Economic Progress paper 'India at Work: Employment Trends in the 21st Century' released last week, an analysis of data going back to 1983 shows that while the number of employed persons in the 15-24 age category increased to 6.20 crore in 2023-24 from 5.24 crore in 2017-18, 'over a longer period, there has been a decline or stagnation'. Learning opportunities To be sure, stagnant youth employment is a reflection of the paucity of jobs. But to prepare for a future which may present more opportunities, the key may be to seemingly get with the programme and 'become a sort of ninja using the latest (AI) tools,' Demis Hassabis, co-founder of Google DeepMind, said on The New York Times' Hard Fork podcast last week. The problem for young Indians, however, might be a deeper one. As per the Indian statistics ministry's latest Time Use Survey, those in the 15-29 age group who were involved in learning spent 422 minutes per day on 'learning activities' in 2024, down 8 minutes per day from 2019. Meanwhile, though most young Indians are fairly familiar when it comes to smartphones and the internet, their proficiency with basic tasks is not encouraging. According to the statistics ministry's Comprehensive Annual Modular Survey for 2022-23 (July-June), while 84.2 per cent of persons from across India in the 15-29 age bucket were able to use the internet, just 28.5 per cent could search for information, send or receive e-mails, and perform online banking transactions. Even if only those living in urban areas are considered, the proportion remains below half at 42.6 per cent. Closing doors While the use of AI in high volume and repetitive tasks – such as chat automation and digital marketing – frees up humans for more strategic and creative activities, it also somewhat shuts the door for fresh graduates who start at the bottom and move up the ladder. The youth are already feeling the heat, with Gen Z workers in the US significantly more pessimistic than other generations, as per LinkedIn Market Research. In April 2025, their job confidence score – measured on a scale from -100 to +100 – fell 7 points year-on-year to +24. In comparison, baby boomers had a score of +44, with millennials at +40.
NDTV
22-05-2025
- Politics
- NDTV
Mizoram India's First Fully Literate State: Here's How The State Achieved this Milestone
Aizawl: In a historic milestone for the nation's educational landscape, Mizoram has officially been declared the first fully literate state in India under the ULLAS (Understanding Lifelong Learning for All in Society) initiative. The declaration was made by Chief Minister Lalduhoma during a celebratory event at the Mizoram University (MZU) Auditorium. Union Minister of State for Education, Skill Development & Entrepreneurship, Jayant Chaudhary, and Mizoram's Education Minister, Dr Vanlalthlana, attended the event as Guests of Honour. Chief Secretary Khilli Ram Meena chaired it and delivered the welcome address. Speaking at the event, Chief Minister Lalduhoma described the achievement as a "transformational milestone" and a proud moment for Mizoram. "This is not merely a statistic, but a testament to the discipline, determination, and vision of our people," he said. The Chief Minister particularly lauded the efforts of 1,692 adult learners who overcame personal and societal barriers to pursue education later in life. He emphasised that the declaration marks not the end, but a new beginning for Mizoram. "Let this be the dawn of an era of opportunity, empowerment, and inclusion," he stated, urging citizens to pursue digital literacy, financial literacy, and entrepreneurship as the next frontiers. Union Minister Jayant Chaudhary congratulated the people of Mizoram, calling the achievement a proud day not only for the state but for the entire nation. He praised Mizoram's inclusive approach to education and expressed optimism that the state would continue to lead in lifelong learning and skill development. According to the latest Periodic Labour Force Survey (PLFS 2023-2024), Mizoram has achieved a literacy rate of 98.2%, surpassing the ULLAS requirement of 95% literacy to be recognised as a fully literate state. The achievement is the result of sustained and coordinated efforts by the School Education Department under the State Literacy Mission Authority, with Samagra Shiksha and the New India Literacy Programme (Nav Bharat Saksharta Karyakram) playing key roles. The initiative was supported by the State Centre for Literacy (SCL) under SCERT, which developed learning materials in the Mizo language as well as English for learners in specific districts. Volunteerism was also central to the campaign's success. Over 3,000 individuals aged 15 and above were identified as illiterate, and 1,692 of them enrolled in literacy programs. Classes were conducted by 292 Volunteer Teachers in schools, community halls, libraries, and even in homes when needed. With this landmark declaration, Mizoram emerges as a beacon of educational progress and inclusive development, setting a precedent for other Indian states to follow.
