Industry body CII recommends the upcoming Budget could announce further measures to boost employment generation in addition to Union Budget for FY25 that had outlined a series of initiatives to boost employment generation, including the Employment Linked Incentive Scheme that CII has also been advocating. Emphasizing on this, CII stated that India is now the worlds most populous country, boasting 1.45 billion citizens. With a median age of just 29 years, India is also a young country, and is set to add 133 million people to its working-age population by 2050. Mass scale employment generation is important to engage this young population productively, and to drive inclusive growth.
Sharing a comprehensive set of recommendations to harness Indias demographic dividend, Mr Chandrajit Banerjee, Director General, CII said, India stands at a unique juncture where its demographic dividend presents a tremendous opportunity to propel economic growth and social transformation. Employment generation is a critical pillar in this journey. Coupled with higher employment, India also needs to ensure that productivity goes up. Indias Incremental Capital Output Ratio (ICOR) needs to trend down from its present level of 4.1. We need to establish metrices of measuring this. In fact, the Union Budget could set up an expert committee to study this in greater detail and recommend measures on way forward. The CII has suggested seven point agenda for employment generation.
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