While presenting the Narendra Modi government’s last full Budget in the Lok Sabha before the 2019 General Election, Finance Minister Arun Jaitley informed that 70 lakh (7 million) jobs will be created this year. To display his confidence on the above-mentioned numbers, Jaitley referred to the independent study authored by Prof Pulak Ghosh (IIM Bangalore) and Dr Soumya Kanti Ghosh (Group Chief Advisor, SBI) titled, ‘Towards a Payroll Reporting in India’.
It is difficulty to buy Jailyey’s speech, coming as it is after Prime Minister Narendra Modi’s promise, in his election campaign four years ago, to people of India that he would create 1 crore jobs (10 million) annually. Given that India adds annually about 12 million job-seekers, this electoral promise played a big role in getting him into the Prime Minister’s Office in May 2014.
Regrettably, since Modi government took charge in mid-2014, only about 823,000 jobs had been created in the country till October 2017.
Now the moot question is: How will India create 7 million jobs in a year as FM mentioned in his budget speech when telecom sector has already lost around 40,000 people and the trend is likely to continue for the next six-nine months and may see the culling touching 80,000-90,000? It is estimated that about 7 lakh people will turn jobless in IT and BPO sector by 2022.