From Our News Desk : Eastern Chronicle 24×7, The 25th December, 2024.
India’s Small Businesses, spanning the manufacturing, trade and services sectors added about 11 millon jobs in this year, upto the end of September, with total employment rising 120.6 million from 109 million, the previous year. Resulting wage growth was limited by High inflation.
Job creation is most bigger Challenges for Modi led Government , despite the economy growing at an average annual rate of more than 7%, over the last decade, and Unemployment among Young people remains high.
The numbers of Small Manufacturing Businesses, Mainly – A family owned manufacturing units, such as small garments makers, daily used chappal makers, auto components makers, food processing enterprises, bakery of breakfast food items, grew upto 20.15 million in the year 2023-24 from 17.83 million, the previous year 2022-23, as per Government records released on this Tuesday.
Meanwhile, the total number of Small Businesses across the Manufacturing,Trade and Services sectors grew only 73.4 million from 65 million of previous year. The Total growth of small businesses in this Country in a year only 7-8 million…. !
“The unincorporated Non-agricultural sector, comprising small manufacturing,trade and services, plays a Crucial role in Economic Growth and also contributing significantly in Employment growth of the country “.
Said by Mr.Saurav Garg, the secretary of Ministry of Statistics, GOI, while realising the finding of facts between the Annual report produced by the Government.
However, wages were badly effected by Inflations in the Unemployment rises high,as because the small businesses growth curved by the inflation. Government rules and regulations paralyzed the medium and small enterprises, Govt policies targets only corporates.But corporate generate only a single percentage of employment. Thus, India’s Unemployment rises skyhigh in a decade.
In this current year India’s Unemployment rate stands on 8.3%, and it is figured out at an assumption that, such growth will touch in next few months (in between frist quarter of 2024-25) at 9.2%.
