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India needs 115 million manufacturing and service jobs by 2030; Natixis SA
Industry News- May 22,24
India faces the challenge of creating 115 million jobs by 2030 to accommodate both underutilised existing labour and the incoming workforce, as reported by a source.
India faces the challenge of creating 115 million jobs by 2030 to accommodate both underutilised existing labour and the incoming workforce, as reported by a source. The emphasised need for both manufacturing and services sectors to contribute to this significant job creation, urging the incoming administration to seize the opportunity presented by demographic and geopolitical factors.
"By 2030, one out of five working-age people on Earth will be Indian, and India needs to create 115 million jobs by 2030 to both absorb underutilised working and incoming labour force." Trinh Nguyen, Senior Economist, Natixis SA wrote in the report, “The country will need to generate 16.5 million jobs per year, up from 12.4 million per year for the last decade, and of which, 10.4 million will need to be formal jobs."
Recent data from the Periodic Labour Force Survey (PLFS) indicates that the labour participation rate in urban areas for individuals above 15 years old increased to 50.2% in the January-March 2024 period, up from 48.5% in the same period in 2023.
Regarding female participation, the urban Labour Force Participation Rate (LFPR) rose from 20.2% in the final quarter of 2021 to 22.3% and 25% in the subsequent years of 2022 and 2023, respectively. Despite this progress, India still trails behind Asian counterparts, with Vietnam and China reporting female LFPRs of 75% and 71% in 2023, highlighting the government's need to address this disparity.
Nguyen's analysis suggests that to elevate India's female LFPR to 50% by 2030, the country would need to create 16.5 million jobs annually, compared to the previous decade's rate of 12.4 million per year. Out of the 112 million jobs generated during NDA I and II, 61 million were for women and 51 million for men, highlighting the gender-specific dynamics of job creation in India.
(Source: Moneycontrol)
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