Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Entrepreneurship will be strength of Indian economy: Jaitley

Author: IANS/Friday, November 10, 2017/Categories: Economy

Entrepreneurship will be strength of Indian economy: Jaitley

New Delhi - Union Finance Minister Arun Jaitley said entrepreneurship is going to be a strength of the Indian economy as jobs in the public as well as organised private sectors are not enough for the country's huge working population.

"The strength of the Indian economy is going to be entrepreneurship. There is relevance of both skilling and entrepreneurship in India. In the government, both at Centre and the states, as also public sector enterprises, there is limited capacity of job creation," Jaitley said.

He was speaking at the National Entrepreneurship Awards 2017 event held on the occasion of the third foundation day of the Ministry of Skill Development and Entrepreneurship.

"In private organised sector, there is a larger capacity for job creation. But even if the two (public and private sectors) are taken together, the jobs are not adequate to service the population," he said.

On the skilling front, Jaitley said there was need to "chisel" the large human resource and train them for jobs because as the Indian economy expands the requirement for skilled workforce will be large.

The Finance Minister said while in developed countries where the population was stabilising or reducing, it was not the case in India. 

"In developed countries, they have difficulty in finding human resource to service their economy. But not so in India. We have more large population and more younger population, that is, more working hands," he said.

He added India had enough young population to service not only in the country but also in other countries which has resulted in a large Indian diaspora.

"We have to use the excess population for economic benefits. How do we link it with jobs because (educational) degrees do not have nexus with the kind of vocation. Thus, areas of skilling are huge... so that it gets related to certain trades," he said.

Jaitley noted the economy was changing and with it the country would need specialised and skilled people. While earlier the self-trained did not get social sanction, now those who had certified trainings were moving ahead in the social and economic ladder, he added.

Recounting the benefits of entrepreneurship, he said once the youth moves out of the prohibitions and restrictive framework of job, he can create new ideas for himself.

"It is the survival of the fittest. Whoever comes out with the best entrepreneurial idea, he will be successful," he added.

Minister for Skill Development Dharmendra Pradhan, who was also present at the function, said that by 2022, India's workforce will reach about 60 crore.

Emphasising on the role of the working population in creating growth for the country, Pradhan said that in order to take Indian's GDP to double digits, the country's youth can play an important role.

He said that there is no alternative to skilling for India's youth. 

In order to promote entrepreneurship, the government has already given Rs 4 lakh crore in Mudra Yojana, of which 3 crore people are new beneficiaries, he said.

Print Rate this article:
No rating

Number of views (148)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free