Indian Economic Updates : India Needs 10 Million Jobs Annually for 6.5% GVA Growth: Goldman Sachs
India needs to add 10 million jobs annually from 2024-25 to 2029-30 to maintain 6.5% average GVA growth, according to a Goldman Sachs report. From 1999-00 to 2022-23, about 196 million jobs were created, with nearly two-thirds generated between 2012-13 and 2022-23. Recent job growth has been driven by agriculture and services sectors, with business services and retail trade leading. Manufacturing employment rose from 2020-21 to 2022-23, aided by Production Linked Incentive schemes. To boost job creation, the report recommends affordable social housing, expanding IT hubs to smaller cities, and supporting labor-intensive industries.
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