NEW DELHI: Mahindra Group chairman Anand Mahindra on Friday said there is a need to boost manufacturing to create jobs on a mass scale and take advantage of the global factors that are moving in India’s favour.
Addressing shareholders at the company’s 76th annual general meeting here, Mahindra said that there are some gaps that need to be filled in to take full advantage of the opportunities arising out for the country. “The most important of these (gaps) is jobless growth. The Indian unemployment rate is hovering around 7-8%, according to CMIE (Centre for Monitoring Indian Economy). This is because job growth has not kept pace with GDP growth. Only 40% of the labour force that is capable of working is actually working or looking for work. The biggest sufferers are youth and women.”
The country’s unemployment rate in July fell to 6.8%, the lowest level in the last six months, amid rising agriculture activities during monsoon, according to the latest CMIE data.