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Foreign Bank's 'Less-Than-Serious Report' on India's Job Market Slammed As Meddling Ploy

© AFP 2023 MANJUNATH KIRANIndia scientists
India scientists - Sputnik India, 1920, 22.05.2024
India has achieved an all-time record high of 192 million new salaried jobs over the last decade, according to analyst Sudhanshu Kumar, refuting a report by Natixis Corporate & Investment Banking regarding employment in the country. Kumar believes the report is not credible and lacks seriousness.
Over the past decade, India has seen a record high of 192 million job opportunities, reveald economist Sudhanshu Kumar of the Bihar Institute of Public Finance and Policy (BIPFP) during a conversation with Sputnik India.

"India created an all-time record high of 192 million new salaried jobs in the last decade, — the specialist stressed, referring to the Employees’ Provident Fund Organization (EPFO). — Approximately 86 million contract jobs were generated through non-EPFO-registered entities and self-employment. In another report by SKOCH, 514 million jobs have been created in India over the last 10 years".

Meanwhile, a study by the France-based Corporate & Investment Banking Natixis SA, published on Monday, says that India will have to create 115 million jobs by 2030 in order to meet its increasing workforce. Trinh Nguyen, a senior economist at the company, claims in the report that India needs to generate 16.5 million jobs each year, out of which 10.4 million will need to be from the formal sector. She also states that in order to achieve this, the growth engine of Asia’s third-largest economy will have to fire on all cylinders, from manufacturing to services, in the next five years.
The country's service sector faces constraints in terms of both headcount and labor quality, Nguyen observes. Therefore, it is essential to shift focus towards the manufacturing sector in order to compete with firms and nations seeking alternatives to China-centric supply chains.
Kumar, on the other hand, asserts that the report, lacking a rigorous research framework, is simply another ploy by foreign entities to meddle in the upcoming general election in the country. He emphasized that the recent employment creation record in India shows that the situation is not as alarming as suggested.

"The attempts by foreign players to influence the general election against the incumbent Bharatiya Janata Party (BJP) are not new and have been noticed by many. The bias of Western media and some Western-educated researchers and research organisations against Narendra Modi is evident," the BIPFP panellist said.

According to Kumar, the less-than-serious report on unemployment by a foreign-based researcher vigorously promoted through different media outlets in India should not be taken lightly, especially because of its timing and aggressive publicity. He stresses that the report is crafted in a way to amplify the narrative of unemployment and rising prices by the country's political opposition to agitate voters against the ruling party.
The Pradhan Mantri Mudra Yojana has played a significant role in promoting steady and sustainable employment, highlighting the importance of maintaining policy continuity. This ensures that the government's commitment to economic expansion and job creation remains unwavering, as emphasised by the expert.
That said, on Monday, in an interview with Press Trust of India, Prime Minister Narendra Modi stated that investments in the development of next-generation infrastructure, such as roads, airports, railways, and ports, are leading to an increase in job opportunities for the youth. Additionally, he cited data from the Periodic Labour Force Survey to support his claim that unemployment rates in India have decreased by half, thanks to the growth of emerging sectors like space technology, semiconductor manufacturing, electric vehicles, defense production, technology startups, and cybersecurity.
Kumar believes that political stability after the general election will help India achieve high economic growth, generating enough opportunities for the skilled workforce.
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