Centre’s Capex drive will creates more jobs, says CEA


Rama Krishna Sangem

Just as Lok Sabha elections near, the focus is on Modi government’s efficiency to create jobs in India. While opposition Congress say the government has failed to provide jobs to people, Chief Economic Advisor (CEA) V Anantha Nageswaran feels that the capital expenditure (Capex) mode of Modi’s initiatives would definitely create more employment in the coming years.

Various initiatives from the government and growing investment are going to create more job opportunities during the decade, CEA Anantha Nageswaran said on March 26 Tuesday. The last decade of the century was marked by a decline in capital formation in the economy and moderation in credit growth, he said at an event here.

Hopefully, those things are a thing of the past. Non food credit growth is now running close to 20 per cent, balance sheets of companies and banks are in good shape and hiring (is showing improvement),” he said. Quoting 2021-22 data, he said, employment in agriculture declined by 15 lakh, manufacturing and services added 37 lakh jobs each and the construction sector generated 19 lakh jobs, he said.

This trend we hope will continue in the future, as indicated by the robust gross value added growth in manufacturing and construction sectors,” he said.


Structural reforms vital

Talking about various government initiatives for job creation, Nageswaran said, skill development, provision of 12 per cent contribution of employers towards EPFO by the government, New Education Policy, and important structural reform in human development have been undertaken.

Apart from these, he said, the government has invested in physical infrastructure facilitating industrial and manufacturing growth, and generating employment in those sectors and restoring the health of financial institutions such as banks and non-banks.

Speaking about areas of improvement, he said, there is a need to make regulatory and tax policy implementation regimes less onerous, less cumbersome, less coercive, and also less predatory.

It is still not easy in India to close business in India, he said.

Rama Krishna Sangem

Ramakrishna chief editor of excel India online magazine and website

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Rama Krishna Sangem

Excel India national news magazine is a media startup founded and piloted by Rama Krishna Sangem, a Hyderabad based senior journalist with over three decade experience in the field of media, mostly in print journalism. His rich experience in reporting for both Telugu and English newspapers and heading a TV news channel and some online outfits will be of immense use to this venture. Excel India English news magazine seeks to fill the gap of analytical understanding to our readers who today are confronted with myriad media platforms. Our online version not only offers regular updates and commentary on happenings around us, but also gives larger stories not limited by space constraints of a print magazine. Excel India is ably run by a team of senior journalists committed to values and quality standards in the profession. We urge you all to support and guide us in this endeavour. Reach us at excelindiaweb123@gmail.com