Indian economy is likely to grow by 8.7 per cent annually and generate 3.75 crore jobs by 2020 on the back of investments in skills and infrastructure, a report today said.
It said that India's economy would annually grow by "8.7 per cent, compared to 8 per cent expected currently; 37.5 million (3.75 crore) more jobs in 2020 than currently expected."
According to the Reserve Bank's projections Indian economy could record a growth of over 8.5 per cent in the current fiscal, up from 7.4 per cent in the 2009-10. During the first half of 2010-11 the economy recorded a growth rate of 8.9 per cent.
International Monetary Fund (IMF) has projected India's economy to grow by 8.75 per cent in 2010-11 with moderation to about 8 per cent during the next fiscal.
The report further said that the areas which would provide growth opportunities in emerging economies like India include low-cost goods and services, infrastructure, education, housing and transport.
By 2020, the Indian software exports is expected to reach 225 billions dollars and in the process generating about 30 million jobs.
But the rate at which Indian population is growing, there will be considerable gap between number of “Jobs available” to the “Non-employed force”. What we need is entrepreneurship. Sadly, there's very little emphasis on this.
If you can be an entrepreneur -- and you want to start something up on your own -- please do it. There is nothing like it if you want to be a job creator rather than a job seeker, and it will be a great service if you do so.
In India, people are in-grained with entrepreneurial spirit – Kuch toh karna hai!!!! But the next steps are not taken.
Do you know that in India, 99% of the entrepreneurs are from SME (small and medium enterprises)? But 99% of the economy is controlled by few big-shot companies. For country to progress, SME’s contribution has to be 35% of the total economy. This will also ensure that proportion of people living under poverty line decreases significantly.