NamasteCareerIndia landscape is undergoing a significant transformation, akin to a “factory reset.” Here’s what’s happening:
1. Manufacturing Sector Growth:
Over the past two years, India’s manufacturing sector has experienced robust job growth, surpassing the services sector.
Factors driving this turnaround include government incentives, increased domestic demand, and companies expanding their capacities¹.
The manufacturing industry is projected to create millions of jobs by 2024, contributing to India’s goal of becoming a global manufacturing hub.
2. Job Trends:
Manufacturing job growth has outpaced that of the services sector. From 2022 to 2024:
Manufacturing jobs expanded by 200% (from 29.83 million to 42.2 million).
Services sector jobs dropped by 35% (from 21.75 million to an estimated 46.3 million)¹.
Sectors covered include automobile, electronics, infrastructure, construction, textiles, and engineering.
3. Government Initiatives:
The introduction of production-linked incentive (PLI) schemes has fueled growth in manufacturing jobs.
As India aims to be a global manufacturing hub, the focus on job creation in this sector is crucial¹.
In summary, India’s factory reset on the jobs scene is reshaping employment dynamics, with manufacturing leading the way toward a more robust workforce¹. .
Source / shared link: https://m.economictimes.com/news/economy/policy/india-is-doing-a-factory-reset-on-the-jobs-scene/articleshow/112050761.cms
Originally published on LinkedIn on 2024-07-27 11:14:40: https://www.linkedin.com/feed/update/urn%3Ali%3AgroupPost%3A2635374-7222922334947430400
NamasteCareerIndia landscape is undergoing a significant transformation, akin to a “factory reset.” Here’s what’s happening:
1. Manufacturing Sector Growth:
Over the past two years, India’s manufacturing sector has experienced robust job growth, surpassing the services sector.
Factors driving this turnaround include government incentives, increased domestic demand, and companies expanding their capacities¹.
The manufacturing industry is projected to create millions of jobs by 2024, contributing to India’s goal of becoming a global manufacturing hub.
2. Job Trends:
Manufacturing job growth has outpaced that of the services sector. From 2022 to 2024:
Manufacturing jobs expanded by 200% (from 29.83 million to 42.2 million).
Services sector jobs dropped by 35% (from 21.75 million to an estimated 46.3 million)¹.
Sectors covered include automobile, electronics, infrastructure, construction, textiles, and engineering.
3. Government Initiatives:
The introduction of production-linked incentive (PLI) schemes has fueled growth in manufacturing jobs.
As India aims to be a global manufacturing hub, the focus on job creation in this sector is crucial¹.
In summary, India’s factory reset on the jobs scene is reshaping employment dynamics, with manufacturing leading the way toward a more robust workforce¹. .
Source / shared link: https://m.economictimes.com/news/economy/policy/india-is-doing-a-factory-reset-on-the-jobs-scene/articleshow/112050761.cms
Originally published on LinkedIn on 2024-07-27 11:14:31: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7222922298507333632
