New Delhi: In the Economic Survey for 2023-24 presented in Parliament, the Indian government highlighted significant disparities between the financial performance of the corporate sector and the growth of employment and salaries. The survey emphasized that while corporate profits surged nearly fourfold between FY20 and FY23, job creation and compensation growth failed to keep pace.Finance Minister Nirmala Sitharaman underscored the unprecedented financial success of the corporate sector, stating, In terms of financial performance, the corporate sector has never had it so good. However, she urged companies to prioritize increased hiring and better compensation for workers, aligning with broader economic goals.Job creation largerly falls on private sectorThe survey also pointed out that the responsibility for economic growth and job creation largely falls on the private sector, stressing the need for concerted efforts from both state governments and the private sector to achieve higher employment rates and meet rising aspirations.Reduction in manufacturing jobs Furthermore, the Economic Survey attributed recent economic shocks, such as bad debts and the Covid-19 pandemic, as significant factors influencing Indias employment landscape. It noted a shift in employment patterns across various sectors, highlighting a reduction in manufacturing jobs but an increase in trade and services.AI could hinder Indias developmentAddressing geopolitical challenges, including the impact of Artificial Intelligence (AI), the survey warned of uncertainties that could hinder Indias development ambitions. It called for strategic collaborations between governments and the private sector to mitigate these challenges and sustain high growth rates. In conclusion, Finance Minister Sitharaman expressed confidence in the Indian economys resilience amidst global uncertainties, affirming that policies implemented post-Covid had ensured stability and growth.The Economic Survey sets the stage for policy discussions aimed at addressing structural issues and fostering inclusive economic growth as India progresses towards its developmental goals by 2047.
