Staff hiring surges in 2016 with 1,08,000 jobs created
Reports revealed that the year 2015-16 saw a positive note in terms of staff hiring, with nearly 1,08,000 jobs being created during the period. Pitched as the most productive year, 2015-16 job creation figures are much higher than the 46,000 jobs created in FY 2014. The reports also warned about a slower outlook for job creation in certain industries due to demonetization.
Modi's 'Make in India' initiative
'Make in India' is an initiative that the Government of India launched to help promote the many multinational companies to manufacture in India. Effected by the country's Prime Minister Narendra Modi in late 2014, this initiative was designed to help create 100 million manufacturing jobs by 2022. This enabled India to attract foreign investments, amounting to $63 billion in 2015.
Improved job numbers despite previous decline
"There has been a recovery in employment in the corporate sector in FY16 after declining marginally in FY15," rating outfit CARE Ratings said.
Dim growth hinders job creation in some sectors
The rating agency also highlighted that certain industries such as construction require a large number of workers. When growth conditions are slow and weak, these industries are impacted the most. While unskilled labour is also existent, the report stated that the government should adopt necessary actions to provide improved infrastructure and training to automatically elevate job creation.
2010-2014: Job creation targets missed?
Despite Modi's 'Make in India' initiative to churn millions of jobs by 2022, the country only created 4 million manufacturing jobs between 2010 and 2014, which is reportedly not fast enough to reach Modi's job creation goals.