The Confederation of Indian Industry, CII on Thursday said the recent reforms ushered in by the government are creating new livelihoods across existing and emerging sectors, with eight segments of the economy alone expected to create over 10 crore jobs by 2025.
The eight sectors that CII highlighted include retail, construction, transport and logistics, tourism and hospitality, handlooms and handicrafts, textiles and apparels, food processing, and automotive.
CII President Rakesh Bharti Mittal told PTI that the 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. He said this is an effective stimulant for job creation.
Mr Mittal observed that as per the latest data relating to Employees’ Provident Fund Organisation (EPFO), around 7.2 million new subscribers were added to social security schemes between September 2017 and December 2018.
He said the 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 in CII’s feedback from large companies.