MSME jobs grew at 3.3% annually since 2015

Business

10 Mar 2019

14.9 million jobs created per annum in MSME sector: Survey

Confederation of Indian Industry conducted a survey recently, in which it found out that the Micro, Small and Medium Enterprises (MSME) sector has created 13.5-14.9 million new jobs per annum over the past four years, at annual compounded growth rate of 3.3%.

Around 1.05 lakh MSME businesses were surveyed in 350 industrial centers across the country, making it the largest ever survey conducted.

Achievers

Tourism and hospitality sector created maximum jobs, followed by transport

Tourism and hospitality sector created maximum jobs, followed by transport

According to the report, hospitality and tourism sector created maximum jobs, followed by textile, apparel and metal products, in the last four years.

Machinery parts, transport and logistics sector were next in line.

Among the states, Maharashtra, Gujarat and Telangana created almost half of the new job opportunities.

In case of exporters, Maharashtra and Telangana again came out with flying colors, along with Tamil Nadu.

Confederation of Indian Industry announces the survey results

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Survey

Our skills development front is undergoing rapid changes: CII President

The survey further revealed that more companies or respondents were able to fill vacancies in less than one month, indicating high availability of skilled labor.

"The survey has indeed thrown up the most promising outcomes. With the kind of disruptions and innovations that are likely to sweep through industry, our skills development front is also undergoing rapid changes," Rakesh Bharti Mittal, President, CII said.

Clear signal of robust economy, says Railway Minister Piyush Goyal

Vision

In next three years, employment will see a probable growth

In next three years, employment will see a probable growth

The CII report also suggested that in the next three years, employment will see a definite growth.

This positive feeling stems out of the availability of government initiatives such as the 2% interest rate subvention, which was given to MSMEs, in the Trade Receivable e-Discounting System (TReDS), implemented in January.

These are expected to push the sector forward and create more job opportunities.

Survey highlights other MSMEs need hand-holding, says CII director general

However, the survey also suggested that there is a need to spread the initiative among other MSMEs. CII Director General Chandrajit Banerjee said, "The survey highlights the need for greater hand-holding of the MSMEs who are still to take full advantage of these Government initiatives."

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Cii Survey

Employment

MSME

Tourism

Chandrajit Banerjee

CII

CII Director General Chandrajit Banerjee

CII President

Confederation of Indian Industry

Discounting System

Indian Industry

Maharashtra

Medium Enterprises

Rakesh Bharti Mittal

Tamil Nadu

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Most asked questions

Where is CII's headquarters?

When was CII founded?

Does CII has a motto?

What consists of MSME?

More questions

Where is CII's headquarters?

Asked 2019-03-10 18:22:21 by Pari Subramanium

Answered by NewsBytes

CII has its headquarter in New Delhi.

When was CII founded?

Asked 2019-03-10 18:22:21 by Aditya Kapur

Answered by NewsBytes

CII was founded in 1895 to create and sustain an environment conducive to the development of India.

Does CII has a motto?

Asked 2019-03-10 18:22:21 by Dhruv Yadav

Answered by NewsBytes

Yes, its motto is 'Charting Change Enabling Development'.

What consists of MSME?

Asked 2019-03-10 18:22:21 by Diya Mittal

Answered by NewsBytes

MSME stand for Micro, Small & Medium Enterprises. Industries like, food products, metal industry, electric machinery parts, etc. comes under it.

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