8 sectors to create over 100 million jobs by 2025 |
The industry body, CII has said that the recent reforms ushered in by the government are creating new jobs across existing and emerging sectors, with eight segments of the economy alone expected to create over 10 crore jobs by the year 2025. The eight sectors that highlighted include retail, construction, transport and logistics, tourism and hospitality, handlooms and handicrafts, textiles and apparels, food processing, and automotive. Govt. measures to promote ease of doing business, cut in tax rates for smaller enterprises to 25 per cent, and reduction in interest rates are creating the right atmosphere for new businesses to flourish, particularly SMEs are acting as a catalysts for job creation. The report said that as per the latest data relating to Employees` Provident Fund Organisation), around 7.2 million new subscribers were added to social security schemes between September 2017 and December 2018. According to the CIithe social security scheme numbers of EPFO reflect the rising off take of new jobs in the formal sector and this is in line with the estimates for the increase in employment.
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