Union finance minister Nirmala Sitharaman on Friday presented the Economic Survey 2019-20 which suggests some ways of how India can create about 4 crore well-paid jobs by 2025 and about 8 crore by 2030.
According to the Economic Survey that was presented in the Parliament on Friday, increase in exports can provide a much-needed pathway for job creation in India as labour-intensive exports enabled China to create 70 million jobs for workers with primary education during the period 2001 to 2006.
The integration of ‘Assemble in India for the world’ with the Modi government’s Make In India initiative can help the country to become a $5 trillion economy by 2025, it suggested.
According to the Survey, the four strategies or formulas that India must follow for growth and job creation includes specialization at large scale in labour-intensive sectors especially network products, focus on enabling assembling operations at mammoth scale in network products, export primarily to markets in rich countries and lastly the trade policy must be an enabler.
As per analysis that had been conducted for the Economic Survey, India’s exports increased by 13.4 per cent for manufactured products and 10.9 per cent for total merchandise.
India’s imports increased by 12.7 per cent for manufactured products and 8.6 per cent for total merchandise, the survey added.