Recognising job creation for the youth as the foremost challenge for the economy, Finance Minister Nirmala Sitharaman on Tuesday announced a comprehensive Prime Minister's package to facilitate the employment and skilling of 41 million youth with a central outlay of Rs 2 trillion over the next five-year period. The package will consist of five schemes and initiatives - three focused on jobs and two on skilling.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
According to Indian Staffing Federation, an apex body of the flexi staffing industry in India, foreign direct investment in retail can create around 4 million direct jobs and almost 5 to 6 million indirect jobs, including contractual employment within a span of 10 years.
11 categories of industries will be exempt from the Madhya Pradesh Industrial Relations (MPIR) Act of 1961. This includes textile, leather, cement, iron and steel, electrical goods, sugar, electricity, public motor transport, engineering including manufacture of motor vehicles, among others.
The government has found about 900,000 beneficiaries of its flagship job formalisation scheme, the PMRPY, were ineligible in the first place as they were part of the formal economy even before the inception of the scheme. The EPFO has also recovered Rs 222 crore so far from the employers concerned.
The Indian Staffing Federation says their demand assumes significance as the formal sector will grow after demonetisation and the segment will play a crucial role in that.
The flexi staff workforce at present in the country has increased to 2.1 million from 1.7 million in 2015.
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The indicative salary outlook for junior employees is Rs 1.45 lakh-Rs 3 lakh per annum, while for mid-management it is between Rs 12 lakh-Rs 30 lakh per annum
From January-March this year, 64,000 jobs were created in eight crucial sectors of the economy.
It's aimed at new-age sectors like e-commerce and other startups so that they can spend less time in their recruitment processes
With future prospects being difficult to predict, hiring for a short period is proving to be cost-effective
India only has 3.5 million workers undergoing skills courses a year, compared with 90 million in China
Temporary workers not only lack job security, they get less pay and an inferior overall package.
Campus placements are already in full-swing and hiring plans of many companies, whose expansion plans were stuck due to policy paralysis, are now getting green signals.
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