PwC's Strategy report: India will have to create over 100 million new employment opportunities (Representational image: PTI)
According to a report, India will have to create over 100 million new employment opportunities for the coming decade as it can seemingly bind its demographic surge as rising in employment can boost the country’s growth potential and make it inclusive.
PwC's Strategy report, 'Nagarik: Inclusive growth through large-scale employment generation', listed out many practical ways to raise employment through the country over the coming decade and highlighted the importance of connecting local resources of the country’s smaller districts with large-scale employment generation companies.
"...over the coming decade, we need to create employment opportunities equivalent to the population of five Australias. This is one of the most critical agenda items facing the country which, if tackled with foresight and energy, can help accelerate our growth and make it inclusive," the report read.
India should work forward to enhance its labour force participation rate (LFPR) by handing more opportunities to its working population especially women.
The report noted, "Reaching the global LFPR average of 63.5 per cent in line with the increase in working age population will be critical."
Shyamal Mukherjee, Chairman, PwC in India said, "Generating gainful employment, especially in India's smaller districts, where a majority of India resides, allows inclusive growth. Using local capabilities, local entrepreneurs and market connects is the sustainable way forward.”
The report mentioned the use of a five-pronged approach, the platform called Nagarik, that offers insights and solutions for different employees of various round generation, including marginal employment. It also offers a platform to integrate solutions for augmenting jobs creation in agriculture, agro-processing, MSMEs and tourism.
"Nagarik is a platform that puts the citizen at the centre of the employment generation equation. It convenes private sector participants for market and finance connect, with government acting as a catalyst and enabler," said Shashank Tripathi, Partner and Leader - Strategy