The Rs 37,000 crore investment plan of Mahindra & Mahindra (M&M) over the next three years is a testament to our commitment to boost growth, innovation and job creation in the country, Mahindra Group Chairman, Anand Mahindra, said.
Urging the private sector to utilise the government’s employment-linked schemes, announced during the Union Budget 2024-2025, Anand Mahindra said that this approach will help create more jobs for the youth, especially the fresh talent coming out of colleges.
The Mahindra Group Chairman, while addressing shareholders at the annual general meeting of Mahindra & Mahindra (M&M), said it is a collective responsibility of the private sector and the government to generate employment for nation-building.
He asserted that employment creation is the primary driver of India’s growth and prosperity, given the country’s potential benefits from the reorientation of global supply chains.
Through skilling interventions, such as employability-focused training and domain-specific skill development, the Group reached over 2.2 lakh women in FY24.
The government has made it a priority to increase employability and create jobs, and it has done this by implementing a number of policies.
With a national outlay of Rs 2 lakh crore, the Budget 2024–25 planned five projects and efforts to assist employment, skill development, and other opportunities for 4.1 crore youth during a five-year period.
The government reports that for the past five years, there has been a steady decline in the unemployment rate for young people between the ages of 15 and 29.
Data presented this week in the Parliament shows that it decreased from 17.8% in 2017–18 to 10% in 2023–24.
In the meantime, the Center said this week that over 20.5 crore employment had been created by micro, small, and medium-sized businesses (MSMEs) in India during the past four years.
Between FY14 and FY23, almost 12.5 crore jobs were created, or 2 crore jobs annually on average.
The income of workers has increased by 56% (FY22–23), and India is headed toward being a $10 trillion economy.
